MOCKING BIRD - ECONOMICS

                                                 

Recently a mocking bird in an ‘economist clothing’ was making right noise to break the silence of the government on the failure on the economic front. All the con artists disguised themselves as Economic Advisors, Ministers and self-proclaimed well-wishers at social media aim verbal barrels at mocking bird to make it silent. But what about the those birds from the friendly feather, one of them like Rajiv Kumar, the head of the government's think tank Nitti Analog, recently claimed that the current slowdown was unprecedented in 70 years of independent India and called for immediate policy intervention. Another Chief Economic Advisor to the Prime Minister Mr. Krishnamurthy Subramanian preached the industries not are behaving like immature adults who always seek help from his father whenever he is in trouble. He was essentially saying that more than 30 years since economic liberalization in the country and the Indian Industries have been simply unable to face the economic downturn. There is no need to bail them out.

The contradictory statements among the members of the economic team of Mr Modi and his government are not about whether India is facing an economic slowdown or not, but about how grave the current economic crisis is.
This is a remarkable reversal in the stance of the same group of economists who, until a few months ago, were poetic about how India was the fastest growing economy in the world, generating seven million jobs a year.
It was less than just two years ago, in November 2017, that the global rating agency Moody's upgraded India's sovereign ratings for the first time in 14 years.
,Moody's had then justified the rating upgrade, it argued that the economy was undergoing dramatic "structural" reforms under Mr. Modi. The current govt is in confusion whether to call this a slowdown as structural or cyclical one. In the two years since, Moody's has downgraded its 2019 GDP growth forecast for India frequently - from 7.5% to 7.4% to 6.8% to 6.2% Now the government has admitted  that the GDP growth down at 5%.
The immediate question whether India's economic condition really is that grim and, if yes, how did it deteriorate so rapidly?
The Emperor should know that economy has no clothes it was actually wrapped up with fancy dress to look attractive now the economy has become an ‘angry bird ‘and it forces the emperor run for cover too.