Tuesday 28 January 2020
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business-standard - 14 days ago

Chambers concerned about possible stagflation: Amit Mitra

West Bengal Finance Minister Amit Mitra on Tuesday said chambers in the state were concerned about the possible stagflation in India due to low growth and high inflation. Referring to the ongoing vegetable inflation in India, he said the country s GDP was slipping at a time when neighbouring Bangladesh was moving ahead. The stagflation, I believe, is mainly due to demonetisation and the subsequent implementation of the GST. Today, we have fallen behind China and Bangladesh. At one point of time, we were No. 1, Mitra told reporters after holding a pre-budget meeting with representatives of the chambers in the state. Stagflation is an undesirable phenomenon which has persistently high inflation with high unemployment and stagnancy in demand. As per data, Mitra said, India s GDP growth rate is likely to be 4.6 per cent for the current financial year. I believe the stagflation is a concern among the chambers. They (representatives of chambers) said they were unable to ...

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