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Economy needs action; govt should exit its bubble and listen to advice

Govt must be open to economists' advice and correct course

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Reserve Bank of India | Raghuram Rajan | Urjit Patel

Business Standard Editorial Comment 



The impact of the pandemic on the Indian economy’s growth was, as the government figures released recently make clear, larger than in most other large economies. The Indian economy contracted by 23.9 per cent in the first quarter this year. There may well be some bounce-back, now that the country has re-opened significantly, but it is also true that potential growth has been falling for some years, and the effects of the pandemic have already led to a contraction. New ceilings on growth seem to hit the economy every few years — from the after-effects of demonetisation, to problems with goods and services tax, and now Covid-19. Yet, the government’s confidence in its handling of the economy apparently remains undiminished. It is time, perhaps, for it to be open to the measured and thoughtful criticism of its economic management that is emerging from multiple economists with excellent reputations.

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First Published: Wed, September 09 2020. 23:38 IST

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