3 min read.Updated: 13 Sep 2019, 01:27 AM ISTHimanshu
New Delhi ought to give up its fiscal restraint and act to stimulate demand before it gets too late
It is now obvious that the economy is going through a deep crisis, driven by collapsing demand. It is also clear that it is not cyclical, as the government would like us to believe. The decline in demand is fairly widespread. This is obvious not just from the national accounts estimates, but also from the sales data of several commodities, ranging from automobiles and TV sets to daily-use items such as vests and biscuits. Some companies have shut plants temporarily, resulting in job losses.
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