BJP MP Subramanian Swamy on Thursday tweeted about US State department report that India’s growth rate is overestimated.
BJP MP Subramanian Swamy on Thursday tweeted about US State department report that India’s growth rate is overestimated.
He also took note of economist Nobel laureate Joseph Stiglitz comments on Wednesday that Indian policymakers should focus on growing India’s economy rapidly rather than “getting overly obsessed about inflation”.
Dr Swamy criticised journalists in Delhi for being “silent” about those two observations.
“Lutyen journos silent on US State Dept stating growth rate over-estimated and Stiglitz says growth more important than controlling inflation,” Dr Swamy tweeted.
Dr Stiglitz, an eminent economist, at a media interaction on Wednesday said, “There are two aspects relevant for India (at this juncture). The first is making sure that the overall economy grows at a rapid rate, and that means not being overly obsessed with inflation. Extensive focus on inflation almost inevitably leads to higher unemployment levels and lowered growth, and therefore more inequality.”
Dr Swamy has been highly critical of Reserve Bank of India governor Raghuram Rajan for his inflation-focused appro-ach, which led to high rate of interest for a long time.
Dr Rajan, however, blames banks which failed to pass on repo rate cuts.
The US State departm-ent in a report, meanwhile, said that India’s 7.5 per cent growth rate may be “overstated”.
“Ostensibly, India is one of the fastest growing countries in the world, but this depressed investor sentiment suggests the approximately 7.5 per cent growth rate may be overstated,” the US report said.
