Let’s take the example of the last 3 months from 90 days World’s largest democracy facing a hard time in his economic structure. Country’s, major sector-like Automobile and Real Estate and Industries these sectors don’t have money for there workers to pay their salaries on time.
1)Auto Mobile sector is facing a hard time for many days. Companies major carmakers companies like TATA and Mahindra, Maruti Suzuki is there are not able to sell their cars in markets that is why companies are cutting temporary jobs like India’s NO 1 Car Maker Company Maruti Suzuki cuts due to the massive sales decline in his passenger vehicles. There were also reports that Maruti is also faced a decline in its Q1 profit that reported 27.3 per cent year-on-year decline in its net profit at Rs 1,435.50 crore for the first quarter ended June 30, 2019, dented by lower sales volume and higher depreciation expenses.
There where also the news Mahindra and Tata said on Friday they would cut production at some plants in response to slowing demand that industry executives say has driven the sector into one of its worst downturns. Earlier Tata has also shut down some blocks at its Pune plant in Maharashtra main reason for the shut down the plant “challenging external environment Fell of Auto Sector can be seen in the share of Tata Motors and M&M which almost fell between 1.8% and 2.4 %. Due to this shutdown, companies are forced to cut the jobs.
2) Real Estate this sector is also one of a major part of the county’s economy but from last 6 years, this sector is also facing high recession. This sector is also known as the golden egg sector of India. People in India buy properties for their future and opted this sector as a safeguard. But from 6 Real Estate is not having a good time Builders are have taken millions of rupees debt from the banks of India but they are not able to deliver the houses to the home buyers Like Amrapali is a recent example where The Supreme Court criticised the lenders for failing to monitor the end-use of loans to the company, one of several developers in India to hit financial trouble in recent years after a decade-long building boom.
Houses are cheaper
Many cities saw prices fall. In others, the rise in prices was lower than the consumer price inflation.
Lower GST rate
Reducing the GST rate to 1% for affordable housing and 5% for others helped improve buyer perception.
But the Government of India is planning to boost Rs 10,000 crore in housing finance companies as per the media reports, Government is infusing an additional Rs 10,000 crore in housing finance companies the main reason to infuse this amount is to promote boost lending in the sector, as per the government.
Before making India 5 trillion dollar economy or 10 trillion dollars economy government should take some more impotent measures for these sectors. Today Monday morning, RIL chief Mukesh Ambani said India set to become $10 trillion economy by 2030 in Reliance, at AGM Annual General Meeting company RIL chief said that there are some sectors in the country which are facing some hard time for a limited time but the fundamentals are strong.RIL chief also appreciates the vision of PM Modi to make India a 5 trillion dollar economy by 2024. He said that I fully support this ambitious goal. Indeed, I can see India becoming a 10 trillion dollar economy by 2030 and every Indian as a beneficiary this is achievable. Mukesh Ambani also said that the fundamentals of the Indian economy are very strong.