The Mirage of an Economic Recovery

Ever the diehard optimist who promises to extract water from even stone, sarkari economists have latched on to the latest estimates of national income and Gross Domestic Product (GDP) issued by the National Statistical Office on May 31, to assert yet again that India is on the verge of an economic recovery. And, unfazed by the several false starts predicting an economic recovery since the pandemic, their cousins in the private corporate sector and the even more distant cousins in the media who have the habit of looking for cues from North Block, are humming the same tune. Nothing could be more wrong.
The focus of attention in the media has been on the growth rates of GDP. Attention has been riveted on the fact that in the full year of 2021-22, national GDP increased by 8.7%, by all accounts an impressive rate of growth in a world buffeted by the winds of a recession, compounded by the surge in inflation.

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