Economy to Shrink 12.5%, 50M to Lose Jobs, Govt Mishandling Situation, Says Fmr Chief Statistician
- 3 years ago
In a sobering interview that paints an extremely bleak picture of the Indian economy and which will not please the government, former Chief Statistician and one of India’s most highly regarded economists, Pronab Sen, has said “the Indian economy is in bad shape and there is no question about it … my assessment is that it’s not good at all.” As things stand the economy will shrink by 12.5% this year after shrinking by 32% in the first quarter. By the end of the year unemployment could reach 11% with 50 million out of a job.
Dr. Sen added that the steps the government has taken to freeze new projects is the polar opposite of what is needed and will only make a bad situation worse. He says the government is clearly in “a wait and watch mode but that’s just the wrong way to go.”
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Dr. Sen added that the steps the government has taken to freeze new projects is the polar opposite of what is needed and will only make a bad situation worse. He says the government is clearly in “a wait and watch mode but that’s just the wrong way to go.”
Like our work? Click here to support The Wire: https://thewire.in/support
The founding premise of The Wire is this: if good journalism is to survive and thrive, it can only do so by being both editorially and financially independent. This means relying principally on contributions from readers and concerned citizens who have no interest other than to sustain a space for quality journalism. As a publication, The Wire will be firmly committed to the public interest and democratic values.
We publish in four different languages!
For English, visit www.thewire.in
for Hindi: http://thewirehindi.com/
for Urdu: http://thewireurdu.com
for Marathi: https://marathi.thewire.in
If you are a young writer or a creator, you can submit articles, essays, photos, poetry – anything that’s straight out of your imagination – to LiveWire, The Wire’s portal for the young, by the young. https://livewire.thewire.in/
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