GDP growth should have been back at over 9%: Kaushik Basu

“Now with oil prices so low, the growth should have been back at over 9 per cent. This massive slowdown needs to be properly diagnosed,” Basu said in a tweet.

Former Chief Economic Adviser (CEA) Kaushik Basu is disappointed with the Indian economic growth figures for the second quarter. The country’s GDP, according to Basu, should have grown at over 9 per cent in the backdrop of low crude oil prices.
 
“India’s growth rate is now 6.3 per cent. It had reached a rate of 9.5 per cent from 2005-2008,” Basu said in a tweet. 
 
“Now with oil prices so low, the growth should have been back at over 9 per cent. This massive slowdown needs to be properly diagnosed,” he added.
 
Until July 2012, Mr Basu served as the Chief Economic Adviser to the Government of India (during the United Progressive Alliance's second term). 
 
On a sequential basis, India’s GDP growth for Q2 of the current fiscal went up to 6.3 per cent, from 5.7 per cent reported during the first quarter of 2017-18. 
 
Source: PTI

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