Thomas, Isaac, Former Kerala Finance Minister :

Inadequate demand still pulls down the economy: The consumption expenditure and gross capital formation still below 2919-29 level. Likely to worsen under the impact of Omicron.

Govt. expenditure which could have played a role of countervailing influence is the worst performer.

The euphoria over ‘Fastest Expansion Since 1988-89’ is unwarranted because it ignores the base effect of Covid contraction in the previous year .

Further, the advance estimate of CSO has not factored in the likely adverse impact of Omicron.