close
Breaking news

Meghalaya Governor Satya Pal Malik’s stand has not softened even after th...read moreAll You Need to Know About Cryptocurrency in India: Trends, Legality and Taxa...read more The Champaran Foundation, in collaboration with InFeed, organised an online e...read more In one of the biggest leaks ever of offshore financial records, the Internation...read more The Champaran Foundation, in collaboration with InFeed, is inviting entries fo...read more The recently concluded German elections on September 26, 2021 have given a divid...read more According to latest news reports, China has been on a defense infrastructure rev...read more A new line of argument has already come to dominate the public sphere: it’...read more The government has gone one step further to detect community spread of the coro...read more The government has issued an order to abolish the six allowances, including the...read more Aarogya Setu application launched by NIC is aimed to track COVID-19 affected pe...read more SEOUL| South Korea’s unemployment rate was unchanged in April as the coronavi...read more Amid the outbreak of Corona pandemic in the country, Indian government has been...read more Prime Minister Narendra Modi in his address to the nation on Tuesday indicated ...read more Corona infection in the country is taking a macabre form. So far, more than 74 ...read more Congress General Secretary Priyanka Gandhi Vadra has written a letter to UP Chi...read more On Tuesday, Prime Minister Narendra Modi announced a package of Rs 20 lakh cror...read more

Reduced GDP Forecast ‘too optimistic’ : Arvind Subramanian

India’s former Chief Economic Advisor Arvind Subramanian said that India’s reduced growth forecasts by various research agencies after the. outbreak of COVID-19 pandemic are “way too optimistic” and impact will be even worse than what we are expecting.

He was addressing a webinar organised by National Council of Applied Economic Research along with public policy expert Devesh Kapur of Johns Hopkins University. The duo suggested to do over with the recommendations of the first report of the Fifteenth Financial Commission and the commission should not submit its report till the pandemic is truly dealt with, as far as by the end of 2025-26.

According to them the numbers given by the agencies like IMF are too optimistic to be believed. When one month’s loss could bring down GDP by 3 percent, this lockdown is huge and the collapse will be devastating.

Kapur suggested that the centre should share the resources borrowed from bond market with the states besides what it distributes from the divisible tax pool and other grants. According to him, the state governments are suffering a lot in such situations.

Story Page