With oil prices so low, India’s economic growth should have been back at over 9%, former chief economist at World Bank Kaushik Basu said on Sunday, expressing disappointment at the 6.3% gross domestic product (GDP) expansion in the September quarter.
“India’s growth rate is now 6.3%. It had reached a rate of 9.5% from 2005-2008,” Dr. Basu, who was also Chief Economic Adviser during the UPA Government, said in a tweet.
“Now, with oil prices so low, the growth should have been back at over 9%. This massive slowdown needs to be properly diagnosed,” he added.
The GDP growth in the second quarter of 2017-18 was 6.3%, compared with 5.7% in the April-June period —the lowest growth rate since the NDA Government took office.
It was 7.5% in the September quarter of last fiscal.