Mumbai: The Modi government at the center is constantly under attack from the opposition and critics for the current economic slowdown. All the economic institutions of the world have reduced the estimate of India's growth rate. In this episode, another big man of the world and former Governor of Reserve Bank of India Raghuram Rajan has also joined. He targeted the Modi government and said that a man cannot run India's economy on his own. India's economy has become quite large.
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It cannot be run by one person and we have all seen the example of this. Rajan has said many times about this that if one person decides on the economy then it will prove fatal. He said that increasing the fiscal deficit will have a negative impact on the Indian economy, which may take a long time to come out. Giving a lecture at Brown University, Rajan said that there is still an atmosphere of lethargy due to the government not taking any concrete steps about the economy.
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In the first quarter of 2016, the growth rate was near nine percent, which has now come down to 5.3 percent. The financial sector and power sector in the country need help, but in spite of this, new sectors were not taken care of to increase the growth rate. The instability in the financial sector is a kind of symptom, not a fully responsive one. He said that demonetization and later hastily implemented GST were responsible for this economic slowdown. Had it not been for both, the economy would have been doing well.
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