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Former RBI Governor concern warning towards the economy

From last 3 months, Country’s economy is facing slow down problems. Country’s major sectors like Automobile, Gold and Major companies are not having their best time. n the last 8 months, Indian Automobile sector is facing a harsh time. The automobile which usually made cars trucks heavy loaded machines. As per the reports, sell off the car and other trucks have declined up to. As per the experts, this type of diminish was not seen in 2008 when the world was facing an economic slowdown. At that time India also faced that situation but the situation does not make an impact on the automobile sector.

We can say that the Golden Egg sector ( Auto Sector) is facing this type of decline from the last 6 to 8 months. As per the reports decline has reached up to 20 to 25% in Auto sector. Major carmakers like TATA, Mahindra has already padlocked their production units due to the stipulation. Now let’s talk about why the demands of the cars have declined.

Earlier Goldman Sachs published the reports which notify India’s progress on growth and inflation, some of the big challenges for the economy include weak investment, muted monetary transmission and slow GST collections. The report also mentioned that India’s GDP growth increased from an average of 6.7 per cent during 2010 to 2014 to 7.3 per cent during 2015 to 2019, while, average inflation has declined from 10 per cent to 5 per cent during the same period.

On the inflation report outlines that inflation has declined from 10 per cent to 5 per cent during the same period. “Despite growth being strong, overall, the investment climate was pretty weak,” said Prachi Mishra, India Chief Economist, Goldman Sachs.

Now Former chief of RBI has said the economic slowdown in India is “very worrisome” and has called for a fresh look at the way GDP is being calculated.

  • There are a variety of growth projections from the private sector analysts, many of which are perhaps significantly below government projections and I think certainly the slowdown in the economy is something that is very worrisome. 
  • The former head of the RBI is talking to CNBC TV18. The Monetary Policy Committee recently lowered its growth forecast for FY20 to 6.9 per cent from 7 per cent in the June policy.
  • Rajan also outlines his attention to former chief economic advisor Arvind Subramanian’s research paper published at Harvard University that claimed that India’s GDP growth figure was overstated by about 2.5 percentage points per year in the post-2011 period.

It’s very creepy that the government of India is not taking any steps to ameliorate the country’s economy. 

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