Santa Banta economics.

Though the economy grew only 4.4% in the first quarter and is not expected to grow more than 4% for the entire year various branches of the government seem believe in the proverbial pot of gold at the end of a rainbow. Economic Survey sees growth at 6.1-6.7% in 2013-14 even after allowing for global slowdown and high oil prices. ET, 4 September. But that is nothing. Economic Survey 2011-12 said," Preliminary calculations suggest that the growth rate of GDP in 2013-14 will be 8.6%." Even that is nothing. After saying growth will be 9% in 2010-11 the Survey of 2011-12 said," Looking further into the medium to long term, the expectation is that India's pace of economic development will pick up even more...the next two decades should see the Indian economy growing faster than at any time in the past and faster than the growth in the next two years." If that is magic mushroom stuff The Prime Minister's Economic Advisory Council says in a report in April 2013," The expected pick-up in the pace of economic activity in the course of 2013-14 should be able to take growth from the present level of around 5% in 2012-13 to about 6.4% in 2013-14." After taking elections into account it says ," Overall for the economy, the Council thus assesses that an average growth of 6.7% in 2012-13 can be realistically expected." What of the learned Planning Commission? The approach paper of the Twelfth Plan, published in October 2011 says growth during the plan period will be 8.2% after taking into account all external factors." This in effect is the scenario underpinning the Twelfth Plan growth projections of 8.2%, starting from 6.7% in the first year to reach 9% in the last year and the second scenario ' Insufficient Action ' describes the consequences of half hearted action in which the direction of policy is endorsed, but sufficient action is not taken. The growth scenario declines to around 6.1 to 6.5%. The third scenario ' Policy Logjam ' projects the consequences of Policy Inaction persisting too long. The growth rate in this scenario can drift down to 5 to 5.5%." There is supply side economics, demand side economics, Keynesian economics and even Ronald Reagan's voodoo economics but under the guidance of the World Famous Economist and the Deputy Chairman of the Planning Commission we are the proud owners of Santa Banta economics. How lucky we are.