Eminent economist Lord Meghnad Desai Thursday said the Indian economy was doing very good at 7 per cent to 7.5 per cent which was practically a default growth rate. "Indian is growing at a default growth rate at seven to 7.5 per cent. If it is not growing by seven per cent, then it will be a disaster", Desai told reporters on the sidelines of Indian Statistical Institute (ISI) convocation here.

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"We have a long way to go. Forty years have been wasted," he added.

About employment opportunities, Desai said that there were conflicting estimates. "There are two credible estimates which say the opposite to each other", he said.

"But I think employment opportunities are being created. But most in the informal sector and less in the formal sector which is evident by the de-growth of PF subscribers", Desai observed.

He was critical of loan waivers given to farmers by some governments. "Farmers are like private businessmen. Why there should be loan waivers", he said.

Actually irrespective of any party, the ideologies are the same based on the same political rationale.

Talking about statistical forecasting, he said frequency should not be used as a tool for doing it.

"Data should be treated differently," he added.