भारत की ग्रोथ को लेकर आश्वस्त क्यों नहीं हैं रघुराम राजन? अरविन्द पनगढ़िया को यही कहना था

भारत की ग्रोथ को लेकर आश्वस्त क्यों नहीं हैं रघुराम राजन? अरविन्द पनगढ़िया को यही कहना था

Why isn't Raghuram Rajan not convinced about India's growth? Here's what Arvind Panagariya had to say

A sharp divergence in the growth rates based on GDP and Gross Value Added (GVA) led to some economists saying GDP may have been 'overstated'.

  • National News
  • 106
  • 24, Mar, 2024
Jivika Chawla
Jivika Chawla
  • @JivikaChawla

Why isn't Raghuram Rajan not convinced about India's growth? Here's what Arvind Panagariya had to say

Panagariya remarked that experts' predictions were significantly off the mark, attributing it to a notable discrepancy between GDP and Gross Value Added (GVA) growth rates. This divergence prompted some economists to suggest that GDP might have been overstated.

He dismissed the notion that tax revenue alone could account for GDP, asserting that tax revenues are associated with output. He emphasized the government's control over a certain portion of output linked to tax revenues.

Regarding doubts raised by eminent economists like Raghuram Rajan and Arvind Subramanian about India's macroeconomic indicators, Panagariya urged critics to identify specific issues and propose solutions. He noted that the growth methodology wasn't devised by the current government but was initiated by a commission under the previous administration, of which one economist was a member.

Former Chief Economic Adviser Arvind Subramanian also expressed bewilderment at India's recent GDP figures, stating they were perplexing and inconsistent with actual inflation rates. Panagariya attributed such criticism to a prevailing culture that amplifies negative news while downplaying positive developments, suggesting that some individuals exploit this for personal gain.

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Jivika Chawla

Jivika Chawla

  • @JivikaChawla