'India is in the midst of a growth recession, with significant distress in rural areas,' former RBI governor Raghuram Rajan Telegraph file pictureFormer Reserve Bank of India governor Raghuram Rajan said India is in the midst of a "growth recession" with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in the Prime Minister's Office and powerless ministers. Penning down his recommendations to help the ailing economy in India Today, he called for reforms to liberalise capital, land and labour markets, and spur investment as well as growth. He urged India to join free trade agreements judiciously in order to boost competition and improve domestic efficiency. Rajan wrote that the starting point for the Modi government to address the economic slowdown will start when it acknowledges the problem. "India is in the midst of a growth recession, with significant distress in rural areas."

Source: The Telegraph December 08, 2019 06:33 UTC