New delhi sources stated that Congress leader Kapil Sibal today quoted Abhijit Banerjee, Economics Nobel winner, to take a swipe at Prime Minister narendra modi over the state of the county's economy. Meanwhile Mr. Banerjee who won Nobel with esther Duflo and Michael Kremer, said that the Indian economy is "doing very badly" even as the government is increasingly recognizing that there is a problem.
The economist told a press conference at the Massachusetts Institute of technology after winning the prize "The economy is doing very badly in my view". Furthermore Mr Sibal attacked PM Modi, saying he should "attend to work" and have less "photo ops". Sibal said in a tweet "Is Modiji listening? Abhijit Banerjee: 1) Indian economy on shaky ground. 2) "Political interference" in statistical data. 3) Average urban and rural consumption gone down hasn't happened since the seventies. 4) We in (India) are in crisis. Attend to work. Less photo-ops".
Moreover Abhijit Banerjee, 58, said that when the economy is going into a "tailspin", is the time when "you don't worry so much about monetary stability and you worry a little bit more about demand. I think demand is a huge problem right now in economy and I think even the government is increasingly recognizing that there is a problem. So the economy is slowing very very fast. How fast we don't know there is this dispute about data but I think fast”.
