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In a snarky comment, Piyush Goyal rejects Nobel Laureate Abhijeet Banerjee’s criticism of Indian Economy citing ‘left-leaning Ideology’

Piyush Goyal said, “I first congratulate Banerjee but you know his opinions and ideology. He belongs to Left ideology and it is rejected in India”

Pune: On Friday Union Minister for Railways and Commerce, Piyush Goyal, said that he did not take Nobel laureate Abhijit Banerjee’s criticism of India’s economic policies and the economic slowdown  very seriously “as he belongs to Left ideology and India rejects it.”

Goyal was addressing in Media here on the backdrop of the Maharashtra assembly elections on October 21.

India-American Abhijit Banerjee, who was awarded the Nobel for Economics on Monday along with his wife and fellow MIT Professor Esther Duflo and Harvard’s Michael Kremer, he had said in a presentation recently that the Indian economy was doing “very badly” and it was “going into a tailspin”.

In a lecture at the Watson Institute in Brown University last week, Banerjee said the Indian economy is in a “crisis”, with growth slowing sharply and consumption falling for the first time in several years. The government’s response was only making matters worse.

“When the government cut taxes for the rich, you make public investments that are not required. All it does is hurt the income distribution and make government debt explode, often ending in a full-blown meltdown. This is what happened in Latin America. India is doing well on this time-honored path to disaster,” said Banerjee.

Piyush Goyal said, “I first congratulate Banerjee but you know his opinions and ideology. He belongs to Left ideology and it is rejected in India.”

About the serious concern expressed by former prime minister Manmohan Singh on the economic slowdown, the minister said, he felt sad about Singh’s comments. “The Government is doing a lot and there has not been a single corruption case in the last five years,” said Goyal.

In a snarky comment, Piyush Goyal rejects Noble Laureate Abhijeet Banerjee’s criticism of Indian Economy citing ‘left-leaning Ideology’

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