"Indian economy is among the worst performing in the world. The country's economy will see revival in the current quarter (July-September)," he said, adding that economic growth in 2021 is going to be better than this year.
Banerjee, currently a professor at Massachusetts Institute of Technology (MIT), said he does not think that India's economic stimuluswas adequate.
"India's economic stimulus was limited. It was a bank bailout. I think we could have done more," he said.
The stimulus measures "did not increase consumption spending of lower income people as thegovernment was not willing to put money in the hands of the low income population," he noted.
Talking about inflation, Banerjee said India's growth strategy was closed economy with the government creating lots of demand, which resulted in high growth and inflation.
"India had 20 years of high inflation and high growth. Thecountry benefited a lot from stable high inflation in the last 20 years," he opined.
The eminent economist noted that India needs to be globally more competitive.