New Delhi: The country’s famous economist Arun Kumar believes that contrary to the government’s claim, the economy is not improving much faster. Kumar said that the economy may fall by 25 percent in the current financial year. Kumar said that due to a large fall in GDP during the current financial year, the budget estimate has completely gone out of the scope and the budget needs to be corrected.
Kumar said in an interview, “The country’s economic growth is not improving as fast as the government is showing. The situation in the unorganized sector has not improved and some important parts of the services sector have also not recovered, “he said.” According to my analysis, the Indian economy will decline by 25 percent in the current financial year 2020-21. Only essential goods were produced during the lockdown in April – May. Even the agricultural sector did not grow. “
The Reserve Bank of India estimates that the Indian economy will decline by 7.5 percent in the current financial year. The National Statistics Office (NSO) has forecast a 7.7 percent decline in the economy. Kumar, a former professor of economics at Jawaharlal Nehru University, said the GDP documents provided by the government for the quarters of April-June and July-September also said that these figures would be revised later. He said that India’s fiscal deficit will be higher than last year.
