IMF's Gita Gopinath, EAC-PM Sanjeev Sanyal provide economic views on 'One Nation One Election' to JPC

New Delhi: Key economists made depositions in front of the Joint Parliamentary Committee (JPC) looking at the provision of One Nation One Election (ONOE) on Wednesday.

Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister (EAC-PM) and Gita Gopinath, First Deputy Managing Director of the International Monetary Fund made a representation to the JPC on the economic impact of such a move. 

Gopinath, who has earlier spoken of how simultaneous elections come at an additional administrative cost giving the example of Indonesia, told the JPC that reduced elections could alternately help long term costs and in turn help in GDP growth.

She also cited data from former Finance Commission Chairman NK Singh and said that this could spell a 1.5 per cent growth in GDP which amounts to Rs 4.5 lakh crore. 

Sanyal, on the other hand, said that the financial costs are important but so are the policy and governance impact. He said that frequent imposition of Model Code of Conduct leads to disruptions in governance. 

Speaking before the meeting, JPC Chairperson PP Chaudhary said that the economists will lend an insight on the economic impact of the move.

“A major aspect of One Nation One Election is how much of an impact it would have on the economy of the country, be it tangible or intangible. So, for all of this, we will get a clarification from the members. Gita Gopinath is a renowned economist. Sanjeev Sanyal is also a renowned economist, as well as a Member of Prime Minister’s Economic Advisory Council. They will help us in understanding the clarifications. Because this is a major aspect,” Chaudhary told reporters.