India is even below Bangladesh in annual rate due to choosing wrong priorities – said Kaushik Basu, former Chief Economist of the World Bank
Former Chief Economist of the World Bank Kaushik Basu has expressed concern about India’s annual growth rate. Kaushik Basu has claimed in one of his tweets that Bangladesh is also better than India in terms of annual growth rate. Kaushik Basu believes that India has reached this position due to choosing wrong priorities for itself.
Consequences of choosing the wrong priority
Kaushik Basu has written in one of his tweets that ‘Analysis of World Bank data shows that the economy is faltering. The annual growth in 2020 – 2022 is 0.8%. This is less than many countries including China, Vietnam, etc. India has good power to move ahead but it is a result of misalignment of priorities.
Aggressive nationalism is a hindrance to progress
Let us tell you that Kaushik Basu was a professor of economics at Cornell University in America and was the Chief Economic Advisor in the Manmohan Singh government from 2009 to 2012. In June last, he had said that aggressive nationalism is a hindrance to the progress of the country’s economy. For information, let us tell you that on many occasions he has expressed his opinion on India’s economic growth rate.
India’s biggest challenge is unemployment
Kaushik Basu had said in May this year that even though the fundamentals of the Indian economy in the country are solid, the way division and polarization is increasing. This is harming the foundation of the country’s development. Kaushik Basu had said that the biggest challenge in India is unemployment and lack of work, because youth unemployment in India is 24 percent. Due to this, India is one of the countries with the highest unemployment in the world.
Development is not possible depending on economic policy
In May 2022, Basu had said in an interview to PTI-Bhasha that ‘a country does not develop by relying only on economic policy. One of the major determinants of the economic success of a nation is the trust among the people, this is growing evidence of this.’
