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Wanted: A Bharatanatyam dancer, please

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Wanted: A Bharatanatyam dancer, please Empty Wanted: A Bharatanatyam dancer, please

Post by confuzzled dude Sun May 08, 2016 8:06 pm

In a caustic comment on an economist, Dr Jagdish Bhagwati once said, “if he is an economist, I’m a Bharatanatyam dancer!”.

Dr Arvind Panagariya is an honourable man. He has a job to do, but has a useless tool — the NITI Aayog — in his hands. The NITI Aayog is neither an all-powerful arbiter of policy differences and fund allocation, nor is it a fountainhead of new ideas and systemic changes. The NITI Aayog is in no man’s land and is all but forgotten.

The disappointment of Dr Panagariya can be seen in his recent article in a newspaper. However, he has carefully qualified his views by noting that “Views are personal and may not be attributed to either the Government of India or NITI Aayog”!
The NDA and UPA records
When the UPA assumed office in May 2
004, the economy was not growing at the rate of 8.1 per cent. No one in his right mind will pick one year to describe the trend growth rate. The growth rates of the NDA years were:
– 1999-00: 7.6 per cent
– 2000-01: 4.3 per cent
– 2001-02: 5.5 per cent
– 2002-03: 4.0 per cent
– 2003-04: 8.1 per cent

The compounded average for the five years was 5.9 per cent. The ‘bounce’ in 2003-04 was because of the low base of the previous year and after three years of sub-par performance.
Every commentator has acknowledged that the best years of the Indian economy (“boom years” according to the current Chief Economic Adviser!) were 2004-2009, that is the period of UPA I. The economy was riding a high wave (over 9 per cent) when, in September 2008, the world economy was struck by a major financial crisis. Despite the crisis that devoured many economies, India registered a growth rate of 6.7 per cent in 2008-09, and the compounded average for the five years was an unprecedented 8.4 per cent. I wonder if Dr Panagariya recalls that crisis, because he makes no mention of it in his article.
http://indianexpress.com/article/opinion/columns/india-economic-growth-arvind-panagariya-niti-aayog-economic-survey-p-chidambaram-column-2789528/

confuzzled dude

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Join date : 2011-05-08

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