A conversation with Montek Singh Ahluwalia on the state of the economy

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A conversation with Montek Singh Ahluwalia on the state of the economy ....................................... On Sunday at The Quorum in Gurugram I discussed the state of the economy with the former Deputy Chairman of the Planning Commission, Montek Singh Ahluwalia. Is it in a “near-crisis” situation as former Chief Economic Advisor Arvind Subramanian recently said? The rupee is amongst the worst performing currencies in Asia. Foreign Direct Investment last year was just $7.7 billion compared to $28 billion three years ago. Unemployment is a worrying concern and private investment is lacklustre. The government takes great pride in describing India as the world’s “fastest-growing major economy”. However, Surjit Bhalla, in a recent article in the Indian Express, points out that since 2014 this is not true. He says India’s rank in terms of GDP growth is ninth, in terms of per capita GDP growth its eighth and in terms of per capita growth in US dollars it’s sixteenth. So are we pulling the wool over our own eyes when we insist we are the world’s fastest-growing major economy? The truth is we are not even leaders in GDP growth terms in the global south or even South Asia. In terms of US dollar growth. Bangladesh is first at 8.3%. Ethiopia is second at 7.2%. India is sixteenth at just 4.7%. In the discussion, Montek Singh Ahluwalia analyses the situation facing private investment, unemployment and manufacturing. We spent a lot of time talking about the responses of politicians and whether they understand the problem and whether they have the strength and insight to tackle it. The discussion ended with Montek Singh Ahluwalia identifying what advice he would give the government to revive private investment and, through that, create jobs. He also addresses the question what would be the state of the economy next year and the year after if the government continues as it has been doing for the last few years. Join The Wire's Youtube Membership and get exclusive content, member-only emojis, live interaction with The Wire's founders, editors and reporters and much more. Memberships to The Wire Crew start at Rs 89/month. https://www.youtube.com/channel/UChWtJey46brNr7qHQpN6KLQ/join

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