{"id":4456,"date":"2020-01-28T07:32:04","date_gmt":"2020-01-28T07:32:04","guid":{"rendered":"https:\/\/ncrfrontlinenews.com\/?p=4456"},"modified":"2020-01-28T07:32:04","modified_gmt":"2020-01-28T07:32:04","slug":"india-could-be-passing-through-recession-says-abhijit-banerjee","status":"publish","type":"post","link":"https:\/\/ncrfrontlinenews.com\/?p=4456","title":{"rendered":"India could be passing through recession, says Abhijit Banerjee"},"content":{"rendered":"<p><strong>Kolkata, <\/strong>Nobel laureate and economist Abhijit Banerjee on Monday said the country could be passing through a phase of recession, and there is &#8220;nothing in the data&#8221; that suggests otherwise.<\/p>\n<p>Abhijit Banerjee, during an address at the Kolkata Literary Meet, also said the priority of the government should be on refinancing the banking sector, which is in &#8220;doldrums&#8221;.<\/p>\n<p>&#8220;What I can say is that we could be in a recession. But, I don&#8217;t know by how much. There is nothing in the data that suggests we could not be in a recession,&#8221; the author of &#8221;Good Economics for Hard Times&#8221; said.<\/p>\n<p>He also advocated the imposition of wealth tax and more redistribution.<\/p>\n<p>Given the current state of inequality in India, a wealth tax is completely sensible. In such a case, more redistribution is required, and I expect this not to happen soon,&#8221; Abhijit Banerjee said.<\/p>\n<p>The 58-year-old Indian-American economist said the banking and infrastructure sectors were in need of funding from the government.<\/p>\n<p>&#8220;The banking sector is in doldrums. It needs huge funding by the government. The Centre should also look at infrastructure sector funding,&#8221; he said.<\/p>\n<p>Talking about the informal sector, the Nobel laureate said there is no reliable data on it. &#8220;The statistical apparatus is incapable of capturing short-term data on the informal sector.&#8221;<\/p>\n<p>Abhijit \u00a0Banerjee also favoured the central government&#8217;s move to privatise PSUs like Air India.<\/p>\n<p>On the recent cut in corporate taxes by the government, he said, &#8220;It seems the corporate sector is sitting on huge cash&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kolkata, Nobel laureate and economist Abhijit Banerjee on Monday said the country could be passing through a phase of recession, and there is &#8220;nothing in the data&#8221; that suggests otherwise. Abhijit Banerjee, during an address at the Kolkata Literary Meet, also said the priority of the government should be on refinancing the banking sector, which [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-4456","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4456"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4456\/revisions"}],"predecessor-version":[{"id":4458,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/4456\/revisions\/4458"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/4457"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}