Though the Indian economy is in recovery mode, the underlying growth impulses are weak, says economist Montek Singh Ahluwalia. The former deputy chairman of the Planning Commission says the situation calls for specific corrective action.
In an exclusive interaction with THE WEEK, Ahluwalia talked about a range of issues—from fiscal deficit to tax reforms and employment. Excerpts:
Q/What is the current state of the economy? Will the third wave of the pandemic affect recovery?
A/There is no doubt that the economy is recovering from the shock of the pandemic in 2020-21. The whole world is. The question to ask is, are we doing better than others?
The National Statistical Office has projected 9.2 per cent growth this year, based on data for the first two quarters. Signs of recovery weakened in the third quarter and independent analysts are projecting lower growth of 8.5 per cent. This will still leave us the fastest growing major economy this year, but that is only because we had the largest contraction last year. Other economies have recovered sufficiently to raise their GDP to a level higher than the pre-pandemic year of 2019-20. In our case, we will just about get back to the 2019-20 level.
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A golden girl
One of India's most formidable beauties passed away earlier this month. The odd thing is she would absolutely hate this obituary; she hated being written about and avoided publicity for all of her nine decades. Indira Aswani was 93 when she died. But anyone who encountered her, even briefly, was in such awe of her grace and poise, and one could not but remember her forever.
The interest in wine is growing delightfully in India
The renowned British wine writer and television presenter Jancis Robinson, 74, recently came to Delhi and Mumbai to reacquaint herself with India's wine industry. This was the Robinson's fourth visit to India; the last one was seven years ago. On this trip, Robinson and her husband, restaurateur Nicholas Lander, were hosted by the Taj Hotels and Sonal Holland, India's only Master of Wine.
United in the states
Indian-Americans coming together under the Democratic umbrella could get Harris over the line in key battlegrounds
COVER DRIVE
Usage-driven motor insurance policies offer several benefits
GDP as the only measure of progress is illogical
Dasho Karma Ura, one of the world's leading happiness experts, has guided Bhutan's unique gross national happiness (GNH) project. He uses empirical data to show that money cannot buy happiness in all circumstances, rather it is family and health that have the strongest positive effect on happiness. Excerpts from an interview:
India is not a controlling big brother
Prime Minister Tshering Tobgay considers India a benevolent elder sibling as the \"big brotherly attitude\" is happily missing from bilateral ties. He thinks the relationship shared by the two countries has become a model of friendship not just for the region, but for the entire world. \"India's attitude is definitely not of a big brother who is controlling and does not allow the little brother to blossom and grow,\" says Tobgay in an exclusive interview with THE WEEK.
Comrade with no foes
Lal Salaam, Comrade Yechury-you were quite a guy!
Pinning down saffron
In her first political bout, Vinesh Phogat rides on the anti-BJP sentiment across Haryana
MAKE IN MANIPUR
Home-made rockets and weapons from across the border are escalating the conflict
SAHEB LOSES STEAM
Coalition dynamics and poor electoral prospects continue to diminish Ajit Pawar's political stock
