India is facing great slowdown, says PM Modi's former economic advisor Arvind Subramanian
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Arvind Subramanian, former chief economic advisor to the Narendra Modi government, has said India is facing a 'great slowdown'.
He aired his thoughts in an interview with NDTV's Prannoy Roy.
"What India is facing now is not an ordinary slowdown. It is a great slowdown," Subramanian said during the interview.
He said the real sector economy is slowing. "Jobs, people's incomes, people's wages and of course government revenues are slowing," he said.
He also warned against believing Gross Domestic Product (GDP) data as indicators of economic prosperity. "It is globally accepted that GDP numbers need some looking at carefully," he said.
Government data suggested that the country's GDP has trended downwards for seven consecutive quarters.
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