‘India’s Not in Recession but Govt Refusal to Stimulate Will Create Financial Crisis‘
- 3 years ago
In a 36-minute interview to Karan Thapar for The Wire, Dr. Aziz says that the mistaken belief that India has slipped into a recession arises out of the fact that India compares quarterly economic results year-on-year whereas the practice followed by the majority of the world, including all the major economies, is to compare quarterly results quarter-to-quarter. Dr. Aziz says that although India does not itself do quarter-on-quarter calculations his bank, J P Morgan, has done estimates which clearly show that India’s economy did not slip into recession. The JP Morgan estimate show that in Q1 GDP growth plunged by 25%. However, in Q2 it recovered by 21%. Therefore, India did not experience two consecutive quarters of negative growth, which is the definition of a recession.
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