India's development is limited to some large sectors and industries: Basu

The former chief economist of the World Bank expressed concern

Kaushik Basu was the Chief Economic Adviser to the UPA Government and is currently Professor of Economics in the United States.

New Delhi: India’s macroeconomic economy is improving but growth is limited to a few large sectors and industries, said Kaushik Basu, a former chief economist at the World Bank. Is facing stagnation).

Very careful intervention is required to get out of this situation. Stagflation has high rates of inflation and unemployment. Basu was the chief economic adviser to the previous UPA government. He is currently Professor of Economics at Cornell University in the United States.

He said the entire economy was growing but the lower half of the country was in recession. In the last few years, the country’s policy has been focused on some big industries which is sad. The country’s youth unemployment rate had reached 23 per cent just before the Koro epidemic. Which is the highest in the world. Negative growth is seen for workers, farmers and small traders.

India’s GDP is projected to grow by 9.2 per cent in 2021-22. Due to the epidemic, India’s GDP declined by 7.3 per cent in 2019-20. In this scenario, the average growth rate for the last two years will be 0.6 per cent. The biggest challenge in this situation is to help job creation and small business owners. We have to create jobs and increase productivity.