The former part-time member of Prime Minister Narendra Modi's Economic Advisory council in this interaction also spoke on real interest rates, and the impact of various reforms.
Bhalla resigned from Modi's economic advisory council in Dec'18.
Unlike his peers, Bhalla, had usually dismissed the idea of demonetisation leaving a huge hole in the GDP. According to him demonetisation (Nov'16) had resulted into a decline of 0.4% in GDP (Q1 Fy18).
Post his resignation from the economic council, Bhalla said that withholding the NSSO unemployment data by the government was a "huge mistake".