ECO-DESAI

Eminent economist Lord Meghnad

Desai Thursday said the Indian economy was doing very good at

7 per cent to 7.5 per cent which was practically a default

growth rate.

"Indian is growing at a default growth rate at seven

to 7.5 per cent. If it is not growing by seven per cent, then

it will be a disaster", Desai told reporters on the sidelines

of Indian Statistical Institute (ISI) convocation here.

"We have a long way to go. Forty years have been

wasted," he added.

About employment opportunities, Desai said that there

were conflicting estimates. "There are two credible estimates

which say the opposite to each other", he said.

"But I think employment opportunities are being

created. But most in the informal sector and less in the

formal sector which is evident by the de-growth of PF

subscribers", Desai observed.

He was critical of loan waivers given to farmers by

some governments. "Farmers are like private businessmen. Why

there should be loan waivers", he said.

Actually irrespective of any party, the ideologies are

the same based on the same political rationale.

Talking about statistical forecasting, he said

frequency should not be used as a tool for doing it.

"Data should be treated differently," he added.