“Critics are spreading despair but the economy is on track,” Prime Minister Narendra Modi said this in response to the official statistics which suggested an economic slowdown. Prabhat Patnaik talks to Newsclick about the effects of demonetisation and GST on Indian economy. He further discusses the negative employment growth. "The economic bureaucracy is increasingly becoming sycophantic. They tend to echo what the leadership wants to hear and that is disastrous” Patnaik ends with this worrying note.