Indian job losses are massive and catastrophic – Montek wrong in his perception and statement
Balaji Reddy
Jan. 2, 2009

Indian Government officials have again started underestimating the global depression. India is extremely dependent on global economy unlike fifteen years back. The US economic growth resonates in Indian economy now.

"Certainly in sectors that are badly affected, if we are not able to completely counter the effect of recession, there may be some job losses. We hope they will be temporary," Planning Commission deputy chairman Montek Singh Ahluwalia told reporters while briefing on the stimulus package.

The government on Friday announced a fresh stimulus to reverse the economic slowdown, taking its total revenue loss to Rs 40,000 crore, through higher public spending and easier credit especially for exports, housing and small industries.

The stimulus package will not help. It will be a total waste and cause huge budget deficit dragging India into deep depression.

"You will certainly have a fiscal deficit which will be more than 3 percentage point of GDP above what was originally targeted. These are Planning Commission estimates..." Ahluwalia said indicating fiscal deficit would be over six per cent this year. Ahluwalia was wrong before the market and economic crash. He is again wrong now.

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