India continues facing Economic Doldrums. From last 6 months, the World’s largest democracy is facing very enormous circumstances in his economy. As per the reports due to this economic lapse over 1lakh employment has been disappeared in Indian markets. Principally sectors like automobile and Real estate not holding their best time.
1) On Sunday Former two time Prime Minister of India Dr Manmohan Singh has said the state of the economy was “deeply worrying” and that “all-round mismanagement” by the Modi government has resulted in this slowdown.
In a remark, he said the last quarter GDP growth rate of 5 per cent signals that “we are in midst of a prolonged slowdown”. Media Agency PTI Reported.
2. Singh said it is particularly distressing that the manufacturing sector’s growth is tottering at 0.6 per cent. This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST. Investor sentiments are in the doldrums. These are not the foundations for economic recovery. Mr Singh has requested the Government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis.
Dr Singh also recommended Modi Government if, will similarly be large-scale job losses in the informal sector, hurting most vulnerable workers.
He also added Budget decisions and rollbacks have shaken the trust of international investors. India has not been able to boost its exports to take advantage of openings that have arisen in global trade due to geopolitical realignments. Such is the state of economic management under the Modi government
Modi Government should take this sincerely the guide given by the Ex-PM and Noted Economist of India.
Now the reports also come the country’s mining sector is an industrial slowdown.
Today Rating agency fitch has also said that India’s GDP growth will be a bounce-back at a slower rate. As per them, India’s economic growth will pick up over the upcoming quarters but the rebound is assumed to be weaker than earlier, Fitch Solutions said on Monday as it scraped GDP estimate for the current fiscal to 6.4 per cent from 6.8 per cent earlier.
2. India’s real GDP growth collapsed further in Q1 of FY2019/20 (April-March) to 5 per cent year-on-year, from 5.8 per cent in Q4 (January-March) FY2018/19 due largely to a visible slowdown in private consumption growth.
Coming To manufacturing sector
Now, this sector is also facing economic depreciation. As per the media reports and Reuters.
Modi Government of India Should take these concerns towards the economy as the signs of India can face the most critical situation in the upcoming future.