BENGALURU: Former Chief Minister M Veerappa Moily on Saturday said there is a need to take drastic measures to restore confidence by “making major surgery over the declining economy.” Industrialists and traders, who are the main players in the Indian economy, are in distress. Even though the government from time-to-time has taken some nominal measures to correct the course of the economy, none of them have had any impact, which has, consequently, led to a decline in employment,” he stated.
According to data released by the National Statistical Organization (NSO) on Friday, the GDP in the second quarter has declined to 4.5 per cent. “In the last six years, this is the lowest number, and the loss in GDP being more than four per cent. We are not even on par with Bangladesh’s GDP, which is at 7.5 per cent,” the former CM said.