Business Politics

Demonetisation, GST held back India’s economic growth: Raghuram Rajan

Addressing an audience at the University of California in Berkley on Friday, Rajan said for four years — 2012 to 2016 — India was growing at a faster pace before it was hit by two major headwinds.

“The two successive shocks of demonetisation and the GST had a serious impact on growth in India. Growth has fallen off interestingly at a time when growth in the global economy has been peaking up,” he said delivering the second Bhattacharya Lecture on the Future of India.
Rajan, in his address, said a growth rate of seven per cent per year for 25 years is “very very strong” growth, but in some sense, this has become the new Hindu rate of growth, which earlier used to be three-and-a-half per cent, Rajan said.

Comments

comments

You may also like