Former principal economic advisor Ila Patnaik on Friday said that she expects some more steps to revive the economy in the union budget 2020.
In an interview to CNBC-TV18’s Sapna Das, Patnaik said the all-powerful GST Council must consider lowering GST rates given the contraction in consumption demand.
"I think we have GST Council that has been changing rates quite a bit. My sense is that this system that we have of having multiple rates and multiple changes is not working. In the last two and a half years, I am told they have made 38 changes. So, this is the right time to think about single rate as this is the time when there is a demand contraction, particularly the consumption demand contraction and having a lower single rate which is stable and which does not change very much would be very welcomed."
Talking about GDP growth projection, she added, “I don’t have the forecast of the numbers. For example, credit has fallen sharply, credit with the commercial sector has gone down by around 80 percent or so, so that is indeed something that is worrying."