Slowing GDP growth will have 'far-reaching' consequences: Kaushik Basu

Distress visible in the agriculture sector, says former chief economic advisor Kaushik Basu.

There will be "far-reaching " consequences of India's GDP growth slowing down because of distress in some sectors, said former chief economic advisor Kaushik Basu on Monday.

"This (sectoral distress) has resulted in a decrease in job creation and it is a cause for concern," said Basu, who was honoured with a Doctor of Literature (honoris causa) degree at the convocation of Jadavpur University in Kolkata.

Basu, a former World Bank chief economist, said distress has been "very much visible in the agriculture sector" as the "condition of farmers is bad".

The country's economy grew at 7.1 per cent in July-September,