Ashok Mody, an economist and visiting professor of International Economic Policy at Princeton University, argues that India’s official GDP figures are misleading and should consider both income and expenditure sides. When adjusted using this method, the growth rate falls significantly.
“With an annual growth of 7.8% in the second quarter of this year, India appears to be the world’s fastest-growing major economy. But, again, behind the billboards are human struggles on a massive scale. Growth, in fact, is low, inequalities are rising, and job scarcity remains acute,” he writes for Project Syndicate.
08/09/2023