'India has to stop being satisfied with its own performance,' says veteran economist Lord Meghnad Desai
Meghnad Desai, known for his frank views on the state of the economy, says the world is looking at tough times. It was about deflating the economy until the economy stopped growing and people stopped buying or bought the [bare] minimum. They tried to, but it is very hard, partly because it’s a global phenomenon and, in essence, local imperfections add a little bit further to it… People are not seriously aware of how long this [stagflation] is going to go on. And it’s an old principle of economics that you let people make things that they are good at. Q: The government is focussed on Aatmanirbhar Bharat and the Production Linked Incentive Scheme… A: I don’t care whether textiles are made here or in Central Asia. We have more or less equal total GDP size, but we have got highly skilled labour which they want, and a huge market.