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October 20, 2020

In the manufacturing sector, we lag behind China : Abhijeet Banerjee

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Nobel laureate economist Abhijeet Banerjee has said that India has lagged behind China due to weak hold in the manufacturing sector. He also said that Bangladesh has done what we could not do in this area. He also said in an interview to the Times of India that the rate of development will not increased due to a reduction in interest rates and a reduction in corporate tax.

Abhijeet said, “One important thing in which China succeeded and we failed is labor-based manufacturing.” We created jobs in real estate, service sector, but not manufacturing. Millions of people can get work in this sector. We have missed it, but Bangladesh has taken hold.

Nobel  laureate said that India has lagged behind China

In response to a question, he also said that selling dumplings is not bad, but the price is much lower due to the higher dumplings. Significantly, Prime Minister Narendra Modi had said in an interview that selling pakoras is also employment, on which he was severely criticized by the opposition.

Abhijeet Banerjee said that corporate tax cuts or reduction in interest rates are not going to affect growth. The best way is to give money to the poor. This will revive the economy and after seeing this, the corporate sector will invest again.

Abhijeet is not in favor of much salary. He said, ‘I agree that there should be a limit on salary, but it is difficult to implement. I support higher taxes on higher incomes. The tax system used to remove inequality. For this the legal loophole to closed. In America, Warren Buffett keeps saying that I pay less tax because you have created such a system that I pay less tax. He prominently states that there is a war between the poor and the rich and the rich are winning.

What worries them more than economic lethargy or majoritarianism? In response, he said that the two complementary to each other. The slowness is real and the government slowly accepting it. Now 5%  said to good and will soon even lower. Earlier it said that India is doing very well. However, but now it is not doing so well. Now the government cannot sell the economic message, so there a danger that other messages given to winning the election.

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