The question on the citizenship act came up during the Q&A session at the annual economics festival of the college, Econundrum. Sinha spoke on the ‘current state of Indian economy and the way forward’. During the symposium, Sinha said that in a slowdown of this kind, it takes time to get back on track. “What is happening now is the death of demand. If there is no demand in the economy, then there will not be any production, then there will be no investment. So, we are caught in a vicious cycle,” said Sinha. The present government data is manipulated to present a rosy picture, he said.
Explaining the significance of the drop in growth rate in a simplified manner, Sinha said that national income declines by Rs 6,00,000 crore when the growth rate comes down from 8% to 5%. “If it goes below 5%, the loss will be greater. It is the loss of the people of the country. If the national wealth declines, then each one of us earns a little less than what we would have earned if it remained at the same level,” said Sinha. He mentioned that the government is far from achieving the goal of being a developed country by 2020 – a vision cherished by late APJ Abdul Kalam.