Karan Dev
@Karan.Dev · 1:57
How’s the economy doing? In conversation with Udit Misra- Economics Editor at Indian Express
There are a lot of areas which I think call for questioning and serious deliberation. Going by Finance Minister Nirmala Sitharaman's recent speech in Parliament. It would seem that the government is quite confident about navigating the impending world recession. But the sectors and areas I just mentioned have a tremendous impact on GDP and growth prospects. I'm joined today by UDD Mishra, who is the deputy associate editor of the Indian Express and closely tracks the Indian economy
udit misra
@uditmisra · 4:15
And now we are increasingly in the last three decades, we've been increasingly thinking of government as more of a hurdle than a provider. So in one sector after another, we've been trying to get government out of economic activity or provisioning and trying to make an argument of which sectors a very small list where the government's involvement is beneficial for the people or where the private sector may not necessarily come or may not be necessarily desirable, for example, defense or currency management and those kinds of things
udit misra
@uditmisra · 4:46
And so you would find that data shows that people were increasingly getting more indebted. And what we saw closer to our current time is that even before the COVID pandemic hit Indian economy, the Indian economy's GDP growth rate, the rate at which our overall GDP growth, overall economy grows, were slowing quite rapidly. So in the year I think it grew by 8% or slightly more than that
Swell Team
@Swell · 0:15
udit misra
@uditmisra · 4:48
What we saw in Bangkok study is that employment in a year when India's GDP grew by 9% or roughly around that employment in the formal sector for some 32 sectors bankers have found that employment grew by 10%. Now, on the face of it is very good. 9% is GDP growth. Employment grew by 10%
udit misra
@uditmisra · 3:14
It hasn't increased by a lot. If you look at GDP growth, it might give a very different picture. If you look at per capita GDP, it might give another picture. You then look beyond GDP and look at other factors of prosperity, say, poverty levels. What has happened to poverty? What has happened to unemployment? What has happened to, say, health metrics? Then the picture increasingly gets more complicated
Sudha Varadarajan
@sudha · 2:56
I think from my own experience of having worked with people in India, people outside of India, there is opportunity, a certain lack of personal work ethic in many spheres in the professional life. The attitude that I sometimes see is people just want to say hey, the job is done, other than is the job done well? Well, and it's the job done right