Economy Plunging Headlong into Recession

Aug 16th 2017, Prabhat Patnaik
The few days old Volume II of the Economic Survey by Ministry of Finance shows a GVA growth rate much less than that of the previous year, and that too artificially boosted by seasonal variations in non-core sectors. This deceleration is most likely to continue, with growing NPAs and plunging exports, and interest rate cuts will not help in a demand-constrained economy unless the government starts thinking beyond "fiscal rectitude".

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