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India’s Economic Slow-Down Evokes Strong Reactions In Odisha


24 August 2019

Debashish Maharana


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Bhubaneswar: The slew of measures announced by Union Finance Minister Nirmala Sitharaman yesterday amid the current economic slowdown will in no way boost up the economy claimed former Finance Minister and eminent economist Panchanan Kanungo.

“Yesterday she (Nirmala Sitharaman) has admitted many things and has announced various stimuli to bring in investment especially foreign investment. This is no way going to boost the economy. No foreign investment is going to come. Investment will decline or it will remain status quo,” Kanungo said.

He added that at present there is no employment opportunity in the country.

The former Finance Minister said: “India is now going through recession. Now they are admitting the facts which they had denied before the elections.”  

Kanungo was of the opinion that had the government given a thought and taken corrective measures after the situation that arose after demonetization things would have improved.

The BJD, however, was non-committal in its view on Union Finance Minister’s announcement.

“No one can create recession all of a sudden. It is the consequence of long term, medium term and short term fiscal policy not achieving their desired targets. Now the Central government is working on it,” commented Pratap Keshari Deb, BJD MLA.

On being asked by newsmen whether the stimuli announced by Sitharaman will yield desired results?

Deb remarked: “The stimuli were announced yesterday. Let’s wait and see. The ones given in the budget haven’t worked. We are hopeful. The Central government is under pressure. The government should be allowed more time.”

On the contrary, the BJP was on the defensive.

“You might have read reports that recession has occurred at different times. It had happened during Congress regime too. This downturn will be overcome by measures taken by Narendra Modi government,” said Pradip Purohit, BJP MLA.

 

 

 

 

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Panchanan Kanungo, Economist

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Pratap Keshari Deb, BJD MLA

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Pradip Purohit, BJP MLA