Former NITI Aayog vice-chairman Arvind Panagariya says that it is foolish to compare the economic situation of Sri Lanka with that of India. Laughs at such comparisons. However, we must learn from the experience of the Sri Lanka crisis for future macroeconomic management. After the 1991 balance of payments crisis, the country's governments narrowly managed the macro-economy.
As far as India is concerned, the fiscal deficit has not been allowed to get out of hand. Foreign loans have not been taken to bridge the fiscal deficit. At the same time, Sri Lanka is facing a serious economic crisis. India is actively helping the neighboring country.
Many measures have been taken
Panagariya said on inflation, steps have been taken in monetary policy to check it. To keep the current account deficit under control, the exchange rates have been allowed to come down. Capital flows have also been deliberately opened up.
unemployment is not a problem
He said India's problem is not unemployment but low employment or low productivity employment. We should focus on creating jobs in which people get a good income. The unemployment rate in India in the year of the pandemic, i.e. 2020-21, was only 4.2%, which was less than 6.1% in 2017-18.
On the issue of questioning the official economic data, Panagariya, a professor of economics at Columbia University, said that the country's GDP, labor force survey, and other data collections look better than international comparison. Some criticisms of ill-intentioned people should be ignored. However, some of the criticisms are true. These need to be resolved.
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