Why we need to be worried about the Indian economy
| | | | | | | For the past two weeks, thousands of Indians have come together to protest against the controversial Citizenship Amendment Act (CAA) and the demonstrations are showing no sign of dying down. While media coverage of the protests may seem to have driven the spate of economic bad news off prime time discussions and front pages, analysts have said that resentment over the state of the economy has fanned the protests further.
“The economic crisis gives further incentive... I don’t see these protests fading very soon,” Sanjay Kumar, director of research institute Centre for the Study of Developing Societies, told Reuters.
Former Chief Economic Advisor Arvind Subramanian also said that India is facing a “great slowdown” and the economy is headed for “intensive care unit”. In an interview with NDTV’s Prannoy Roy this week, he said that the GDP growth of 4.5% could be a “rosier picture than the underlying reality”.
Even Union Minister Nitin Gadkari said on December 22 that the Indian economy is going through a “challenging situation” and decisions need to be taken quickly. |
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