Former RBI Governor Raghuram Rajan
Former Reserve Bank of India Governor Raghuram Rajan on Monday said that a 'fresh set of reforms' is needed to improve the state of Indian economy.
"..I really do think that we need a fresh set of reforms. And we need a fresh set of reforms informed by a view on what we want India to be..." he told CNBC TV 18.
The former RBI boss also expressed worry over 'economic slowdown'. The annual GDP growth in India decelerated to 6.8% from 7.2% in 2017-18 this year.
Economic growth figures have been slowest since 2014.
Rajan said that growth figures by a variety of private analysts are "significantly below" than government projections. He followed up by saying that "slowdown in the economy is very worrisome".
There have been numerous voices from the business community ruing over various sectors of the economy, particularly the auto sector. The auto sector is going through a massive slowdown and its condition is said to be the worst when compared to that in the last few decades.
The slowdown and truncated demand have forced the carmakers to reduce production levels and downsize the workforce. This has had an impact on the employment prospects of those working in the sector.
The auto cluster of Gurugram-Manesar, home to automobile majors such as Maruti Suzuki, Hero MotoCorp and Honda Motorcycle & Scooter India has seen major job cuts.
Sources say that about 50 thousand to 1 lakh temporary employees have either been sacked or sent on unpaid leaves.
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