Government lost chance to strengthen economy 5 years back

Aurangabad: The NDA government had a chance to strengthen the economy five years back when the crude oil rates were low, but it could not take advantage of the situation, noted economist H M Desarda has said.

India's gross domestic product (GDP) growth slowed for the fifth consecutive quarter in April-June 2019 to 5 per cent, the lowest in six years.

This was on the back of faltering domestic demand, with both private consumption and investment proving lackluster.

Delivering a lecture on the 'current economic downfall- causes impacts and remedies' at the Mahatma Gandhi Mission campus here in Maharashtra on Saturday, Desarda said in 2013, the crude oil rates were around $110 per barrel.

"When the Modi-led government came to power, the crude oil prices dropped. That time, the government spent huge amounts on crude oil import to meet the petrol and diesel demands," he said.