ECONOMY
GDP DOWNFALL
Say good bye to $5-trillion economy: Subramanian Swamy
- Team PT
Say good bye to $5-trillion economy: Subramanian Swamy



Bharatiya Janata Party leader Subramanian Swamy on Saturday said that the country may not reach its target of being a $5-trillion economy if "no new economic policy is forthcoming”. Swamy’s comments followed the news of India’s Gross Domestic Product growth falling to 5% in the April-June quarter – the fourth straight quarter of slower growth and the slowest growth in over six years.

"Neither boldness alone or knowledge alone can save the economy from a crash,” Swamy tweeted. "It needs both. Today we have neither.” 

On the other hand, while economists were not expecting robust numbers, they were alarmed as India’s growth in Q1 was lower than China’s 6.2% for the same period, which was the country’s lowest in three decades. 

It also means the government’s plan to grow India’s economy to $5 trillion over the next five years may not be easy. 

According to M Govinda Rao, former member of the Prime Minister’s Economic Advisory Council, the $5-trillion target will remain "a distant dream”. 

"We’ve been talking of slowdown in demand for long and today’s figures only underline it. The manufacturing sector has grown just 0.6%, compared to 12.1% in the same period last year. It shows the problem has deepened. People are not buying. The government should now seriously look at structural reforms including in the labour and land markets as a way out of this morass,” he said.

The numbers paint a bleak picture of the economy.

Agriculture grew just 2%, compared with 5.1% in the same quarter last year. Construction sector growth shrank to 5.7% against 9.6%. Even the services sector put up a poor show. 

"The slowdown is obviously much deeper and broad-based than previously understood,” said N R Bhanumurthy, professor at National Institute of Public Finance and Policy.

"However, the current policy measures which have been announced by the government and possible improvements in external factors could see a recovery, albeit slowly, in the next couple of quarters,” he added. 

While the government has finally acknowledged there is a slowdown in the economy and has started taking corrective measures, economists think the overall growth for the full year would remain subdued, with Prof Rao forecasting 5.5-6% GDP growth for FY20. 

The poor growth numbers may also prompt RBI to continue with its policy of cutting interest rates.

"RBI will feel vindicated in its dovish shift this year and will almost certainly add to the 110 bps of policy rate cuts introduced so far,” said Mark Wiliam, Chief Asia Economist with Capital Markets, in a note on the GDP numbers.

"The problem area is the extent of the demand squeeze we are facing. Private consumption growth has fallen to a four-year low of 3.1% in this quarter,” said Biswajit Dhar, Professor of Economics, Jawaharlal Nehru University.

"Measures such as FDI rule changes and more liquidity to the private sector will help, but the government will have to do some amount of pump-priming by spending more money on infrastructure. 
 
The government adopted a slew of measures to control the economic slowdown in the last few weeks. Finance Minister Nirmala Sitharaman on Friday announced that 10 public sector banks would be merged into four entities. The announcement came a week after she unveiled a slew of measures to revive economic growth.

Last week, Sitharaman had announced a set of measures to prop up the economy, less than two months after presenting the Union Budget. The Reserve Bank of India had also announced last week that it would give the Centre Rs 1.76 lakh crore of its dividend and surplus reserves.

In the last few months, core sectors such as automobiles, manufacturing and real estate, witnessed a progressive slowdown in growth due to weakened consumer demand and dearth of investments. Chief Economic Adviser KV Subramanian on Friday attributed the slowdown in the growth of Gross Domestic Product to domestic and global factors. He added that the government was taking steps to improve the situation.
 

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Comment by: SAMIR SARDANA

What are these Bania vermin - people say ?

let us take the sample of the Marwari - Gupta Bania scum ! dindooohindoo

Now,these Gupta Bania vermin claim lineage from the Gupta Meshtan Bhandar Dynasty.

Like I said - these vermin,have doomed Indian Banking,Indian Industry and Indian Agriculture.And so
I belive that these vermin should be culled - whether by the Maoists or the Mujahids.

What is the DNA if these Gupta vermin - a race of limpets,limpdicks,cowards,weasels,with mongrel skin and mongrel facial
tones ?

Let us look at History - the son of Gupta Meeshtan Bhandar,Samudra Gupta - whose name was Rama Gupta.Note
the name "Rana",who, as per the Valmiki Ramayana, was an impotent coward,who pimped his wife Seeta,to apes,demons and his own brothers.

Chapter [Sarga] 115 of the Yuddha Kandam

तद्गच्छ त्वानुजानेऽद्य यथेष्टं जनकात्मजे |
एता दश दिशो भद्रे कार्यमस्ति न मे त्वया || ६-११५-१८

“O Seetha! That is why, I am permitting you now. Go wherever you like. All these ten directions are open to you, my dear lady! There is no work to be done to me, by you.”

तदद्य व्याहृतं भद्रे मयैतत् कृतबुद्धिना |
लक्ष्मणे वाथ भरते कुरु बुद्धिं यथासुखम् || ६-११५-२२

“O gracious lady! Therefore, this has been spoken by me today, with a resolved mind. Set you mind on Lakshmana or Bharata, as per your ease.”

įatrughne vätha sugréve räkņase vä vibhéņaëe |
niveįaya manaų séte yathä vä sukhamätmanaų || 6-115-23

“O Seetha! Otherwise, set your mind either on Shatrughna or on Sugreeva or on Vibhishana the demon; or according to your own comfort.”

What did this rat Rama Gupta do ? The limpet banis went to war,with the Sakas - and they trapped him,and captured the limpet.
Then what did the bania do ? The Sakas asked for the bania's wife,as security - and the bania,sent his wife,to the Sakas (just like
Lord Rama,told Sita,to whore herself).

Then the historians make us believe,that the brother of the bania,went dressed as the wife of Ramagupta, went to the Sakas,and rescued
the whore wife of Ramagupta, and killed the Saka king !? (just like the story of Chammiya Padmini).It is possible that the Mughals asked
for sex with Chammiya Padmini - based on the past hindu track record,w.r.t Ramagupta.

And then what could be the next step ?

Then the brother of the limpet Ramagupta,killed Ramagupta and married the wife of Ramagupta ! It is said that the whore wife,of Ramagupta,
was earlier,meant to marry the other brother !

This is the DNA of the bania Gupta Meeshtan Bhandars and other bania vermin.

What should be done with these vermin ?

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