Former World Bank Chief Economist Kaushik Basu stated that India's overall macroeconomic situation is in a recovery mode but the growth is concentrated at the top end, which is a worrying trend.
The country is facing stagflation and "very carefully curated policy interventions" are required to address the situation, stated Basu.
While the aggregate economy is growing, "the bottom half of India" is in recession, stated Basu.
Basu also stated the youth unemployment rate in the country touched 23 per cent, among the highest globally, even before the COVID-19 pandemic started.
Currently, Basu is a professor of Economics at the Cornell University in the United States.
(With inputs from PTI)
