Former Union minister and senior Congress member Jairam Ramesh accused PM Narendra Modi of lying and described him as “jagadguru of jhoot” for saying the ₹20 lakh stimulus package to help the coronavirus-hit economy was 10% of India’s GDP.
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Former chief economic advisor Arvind Subramanian said India must plan for substantially negative growth this year and be ready to spend an additional Rs 10 lakh crore since its economy is facing a calamity following the Covid-19 pandemic.
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The Reserve Bank of India governor, Shaktikanta Das, said the new coronavirus, COVID-19, pandemic has adversely affected the country’s economy and the growth outlook doesn’t look good.
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Former chief economic advisor Arvind Subramanian suggested that India’s growth was overstated by about to 2.5 per cent. Referring to his research paper, he said the average annual growth between 2011-12 and 2016-17 may have been about 4.5 per cent, not 7 per cent.
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Raghuram Rajan, former Reserve Bank of India governor, raised doubts about the country’s economy clocking 7% growth at a time when there are not enough jobs created and called for an impartial body to look into the numbers to restore confidence.
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Madhya Pradesh chief minister Kamal Nath, on Wednesday, called the gross domestic product a “fancy figure” and stated that economic growth “must translate into well-being of people” on the ground.
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