India can boost growth with lower inequity by implementing five policies

Are many of the developed economies of Europe, USA and some others going to enter into economic recession in the coming quarters? Has India been doing well in economic development? Many other contemporary issues were discussed byPrabhatPatnayak, professor emeritus, Jawaharlal Nehru University and a social activist, in his speech on the occasion of 100th anniversary of All India Reserve Bank Employees’ Association in Kolkata. Later he spoke to Kishore Kumar Biswas on some other relevant issues. The summery of Patnayak’s views are given below:

- Prabhat Patnayak

 

Q. Do you think many developed economies are going to face technical recession in the coming days? 

A. I cannot say whether they are going to face it or not. This is because technical recession is defined as negative growth of GDP for consecutive two quarters. Any economy can avoid being into technical recession even when it is in economie crisis. For example, it may so happen for a crisis prone economy records negative growth of GDP in a particular quarter. then it may have low positive growth in the next quarter. But in the next quarter it again has negative growth of GDP. Then there can be no recession according to this definition. But the economy may remain in crisis even for long period. What I said earlier was the world capitalism has been under unprecedented crisis since World War II. Indian economy has also been in unprecedented crisis since its independence.

Q. But India has been one of the highest achiever of growth in the world in this FY and..........