In a 36-minute interview to Karan Thapar for The Wire, Dr. Aziz says that the mistaken belief that India has slipped into a recession arises out of the fact that India compares quarterly economic results year-on-year whereas the practice followed by the majority of the world, including all the major economies, is to compare quarterly results quarter-to-quarter. Dr. Aziz says that although India does not itself do quarter-on-quarter calculations his bank, J P Morgan, has done estimates which clearly show that India’s economy did not slip into recession. The JP Morgan estimate show that in Q1 GDP growth plunged by 25%. However, in Q2 it recovered by 21%. Therefore, India did not experience two consecutive quarters of negative growth, which is the definition of a recession.
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The Wire's founding premise is this: if good journalism is to survive and thrive, it can only do so by being both editorially and financially independent. This means relying principally on contributions from readers and concerned citizens who have no interest other than to sustain a space for quality journalism. As a publication, The Wire will be firmly committed to the public interest and democratic values.
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