The Indian economy is in the doldrums. The Reserve Bank of India (RBI), International Monetary Fund and the World Bank have all projected that the economy will shrink between 9-10 % in the current fiscal year. As the former RBI governor Raghuram Rajan said, demonetisation and the implementation of Good and Services Tax has already negatively affected the Indian economy.
If all this sounds very heavy to you, you are not alone. We are starting a mini series in the Suno India show called Indian Economy Explained, hosted by Kunika Balhotra, Research and Communications Officer for Suno India . This series, which will be spread across several months, we speak to reputed economists and people working in the financial sector. The series will delve into various aspects of the fledgling Indian economy and why it matters. In this first episode, we spoke to Dr Biswajit Nag, Professor and Head of Economics Division at the Indian Institute of Foreign Trade to understand why GDP figures and its sharp fall in recent times matters to every Indian.