India, Sept. 19 -- BITTER TRUTHS

New Delhi: Indian economy since April has taken a far bigger coronavirus pandemic hit [to GDP and national income accounts] than any other major economies in the world. According to the Finance Minister, this hit is caused by an "act of God". Most Indians consider this as not the right way of looking at the economy.

Economics is a science based on mathematical analysis and statistical scrutiny. The Finance Ministry personnel appear clueless about this. They seem to be still in the era of "Shakespearean economics" of the 18th century.

Today the reality is that we all had celebrated the much publicised "fastest growing economy" of the last five years, without knowing the real data. Now the whole nation kn...