Indian economy needs all-round sustained measures: Gaurav Vallabh

Indian economy needs all-round sustained measures: Gaurav Vallabh
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Prof. Gaurav Vallabh Facebook Prof. Gaurav Vallabh, the national spokesperson of the All India Congress Committee, in an interview with Free Press Journal’s Political Editor Pramod Chunchuwar, explained the current grim picture of the Indian economy under the Modi government. He said that the recession is badly affecting Maharashtra, which is one of the most industrialised state. Gaurav is also the professor of finance at XLRI Jamshedpur and an expert on the economy, with academic qualifications of a Chartered Accountant, Company Secretary and PHD. Edited excerpts After the release of first quarter’s figures for the current fiscal year, much talk is about the grim picture of the economy. What is your view on the status of the Indian economy? The first quarter figures have exposed the Narendra Modi government. The arrogance of Modi government had sent the economy into a tailspin. GDP growth rate for the first quarter of current financial year is at 5% and this is a highly disturbing news. The manufacturing growth rate reduced from 12% in FY19 to 0.6% in FY20 and shows how the manufacturing sector has been hit the worst. Agriculture growth rate reduced from 5% to 2% in the current financial year (FY20), compared to FY19. Rural India is also in a terrible shape. Farmers are not receiving adequate prices and rural incomes have declined. The low inflation rate that the government likes to showcase comes at the cost of our farmers and their incomes. Construction growth rate reduced from 9.6% in […]

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