Centre must increase fiscal deficit to stop people being pushed into poverty: Kaushik Basu
In India, 85 million people will be pushed into poverty as a result of the Covid19 pandemic January 25, 2021 / 03:56 PM IST
India will become the nation with the largest number of poor people, says Former Chief Economist of the World Bank Kaushik Basu, citing a study by Brookings Institution.
Sharing his thoughts on Twitter, the former India chief economic advisor urged the government to focus the upcoming Budget on the poor. He said that all the non-essential expenditure should be cut and the fiscal deficit is increased. A new study by Brookings using IMF & World Bank data shows, because of COVID, poverty is rising in most developing & emerging economies. The biggest rise in poverty is in India which will overtake Nigeria around now to be the nation with the largest number of poor people.