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The situation of 'illusion' on the Indian Economy!

Tuesday - May 14, 2019 11:15 am , Category : WTN SPECIAL
Economists' different opinions on the growth rate of the Indian Economy
Economists' different opinions on the growth rate of the Indian Economy

The Indian Economy can achieve a growth rate of 7 per cent in 2020, but the figures show a different picture!

MAY 14 (WTN) - The growth rate of the Indian Economy is being questioned these days that it is moving towards growth or moving towards down. We are saying that because the different figures and the opinions of the economists remain confused us. Firstly, talk of Krishnamurthy V. Subrahmanyam, Chief Economic Advisor to the Government of India, according to him; due to the visionary policies of the Modi Government, the Indian Economy is moving forward to get a new position. Due to bankruptcy law, GST and action on fake companies, the Indian Economy will increase by 7% in the current financial year.

According to Subrahmanyam, due to the fiscal discipline adopted in the last five years, India can achieve a growth rate of 7 per cent. According to Subrahmanyam, due to the measures of the economic reforms of the Modi Government, the place of the current economic slowdown will gradually take high investment and consumption.

Some economists say that the impact of the reforms made by the Modi Government has now started to appear, after which the Indian Economy is on the way to ahead of China and becoming the fastest growing economy. According to the experts, due to the economic reforms of the Modi Government, India still has a high probability of a high growth rate.

For your information, let you know that Asian Development Bank (ADB), Reserve Bank of India (RBI) and International Monetary Fund (IMF) have projected India's GDP rate to be 7.3 per cent for 2019-20. The Indian Economy's growth rate was 6.6 per cent in the December quarter, which was the lowest in the last five quarters. Due to this, the Central Statistical Office of the Government had reduced the budget of 2018-19 last month from 7.2 per cent to 7 per cent.

According to the experts, if the economic growth in the country remains more than 7 per cent, then this will have a very positive effect on the investment. As it happens in every election year, at this time the industry is at the waiting position. Well, the Indian Economy has the ability to grow, but the consumption has gone below 80 per cent. For this reason, invest

But on the other side, a few days ago Prime Minister's Economic Advisory Council member Rathin Roy had some other view about the Indian Economy. Roy, while expressing his views, he said, “The country's economy is heading towards deep crises." According to Roy, like Brazil and South Africa, India has also moved towards becoming a slow developing country, and there is a fear that this economic slowdown will surround the Indian Economy.

For your information, let you know that in the month of March this year, the industrial growth rate has decreased from 5.3 per cent to -0.1 per cent, and these figures are the lowest in 23 months. The experts of this field believe that IIP growth was predicted to fall, but it was not known to anyone that it would fall like this.

Here, a report related to the Finance Ministry had revealed that in 2018-19, the Gross Tax collection had decreased by Rs 1.6 lakh crore. According to economists, this reduction typically shows the economic slowdown in the second half. For your information, let you know that slow economic growth has a direct impact on jobs. According to the data of the Indian Economy Monitoring Center (CMIE), the percentage of unemployment in the month of March this year was 6.71, which increased to 7.6 per cent in April.

On the basis of these figures, the situation of confusion has been created on the growth rate of the Indian Economy. According to Krishnamurthy V. Subrahmanyam, on one side, Indian Economy will beat China in terms of growth rate in 2020, on the other side, according to Rothin Roy; member of the Prime Minister's Economic Advisory Council, the Indian Economy is becoming a slow-moving economy. Between all these contradictions, we have to see due to the far-reaching economic policies of the Modi Government, how much benefits can gain by the Indian Economy.