Nobel Prize-awarded economist Abhijeet Banerjee said that the banking sector in the country is under pressure and the government is not in a position to get it out of the crisis by giving stimulus package.
Talking to reporters during the Jaipur Sahitya Mahotsav, Banerjee said that the softening of demand in the automobile sector also shows that there is a lack of confidence in the people about the economy.
He said, ‘The financial sector is currently the biggest pressure center. The bank sector is under pressure and this is a matter of concern. In fact, the government is not in a position to get out of the crisis by giving it an incentive package…. ‘
Nobel Prize-awarded economist Abhijeet Banerjee said that the banking sector in the country is under pressure
Banerjee said, “We also know that cars and two-wheelers not sold due to lack of demand in the economy. All this indicates that people are not confident of the rapid growth in the economy. That’s why they are not spending. ”
The author of ‘Good Economics for a Hard Time’ also said that the softening of the economy. However, it will have an adverse effect on poverty alleviation in the country as urban and poverty sectors interlinked.
He said, “Poverty alleviation takes place on the basis that the urban area generates low-skill employment and the people of the villages get jobs in the urban area that bring the money back to the village.”
The Indian-American economist said, “Thus the growth from the urban area goes to the rural area. Also, as the urban area softens, the villages are affected. The people of the villages do not get employment in the construction sector and this affects the rural area. ‘
Asked how economic policies will work if people are not confident about the data. However, he said, “The government should be concerned about this issue.” Foreign investors are also worried about this.
Banerjee said, “They don’t know where they are going … I mean these are real issues and the government should look into it.” If she wants to join the global economy with attracting investment. Also, then it is necessary to provide the right data to the people. ‘