BackIndia needs to bring synergy between cyclical and structural reforms: NK Singh
"I do not regard that the current economic sluggishness is something that the country is going to experience for too long," says chairman of the 15th finance commission NK SinghA spate of economic data released in the recent past point to a deepening slowdown in Asia’s third-largest economy
PremiumNEW DELHI : The chairman of the 15th finance commission NK Singh on Friday said India needs to bring synergy between cyclical and structural reforms, holding that the current economic downturn is as much anecdotal as cyclical or structural in nature.
"I do not regard that the current economic sluggishness is something that the country is going to experience for too long. I remain optimistic that the current slowdown is as much as anecdotal, episodic as much as cyclical and structural," Singh said at an event organised by Institute of Economic Growth in the national capital.
A spate of economic data released in the recent past point to a deepening slowdown in Asia’s third-largest economy, where private consumption, investments, and exports have all taken a hit. Economic growth rate cooled to a six-year-low of 5% in the June quarter.
Rating agency Moody's has cut India's sovereign outlook to negative from stable, as it expects the slowdown may last longer than expected.
Nomura has projected September quarter GDP growth to decelerate to 4.2% from 5% in the June quarter of FY20. The brokerage has cut its overall GDP growth forecast for FY20 to 4.9% from 5.7% estimated earlier, the lowest so far among forecasting agencies.
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