Advertisement

India's overall macroeconomic situation on recovery mode: Kaushik Basu

The country is facing stagflation and "very carefully curated policy interventions" are required to address the situation, stated Basu.

Agencies | Updated on: Sunday, January 16, 2022, 02:48 PM IST

While the aggregate economy is growing,
While the aggregate economy is growing, "the bottom half of India" is in recession, stated Basu. |
Advertisement

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)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Sunday, January 16, 2022, 02:48 PM IST