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Growth rate of the country slowed due to the global economic recession

Tuesday - September 3, 2019 11:01 am , Category : WTN SPECIAL
The economic recession puts a 'negative' impact on production, sales and employment
The economic recession puts a 'negative' impact on production, sales and employment

Economy of the country weakens due to a huge decline in the growth rate of important industries

SEP 03 (WTN) - The impact of the global economic slowdown has started showing in India as well, due to which the growth rate of key industries has come down drastically. For your information, let you know that the growth rate of eight basic industries of the country has come down to only 2.1 per cent in July. According to data from the Government, the growth rate of coal, crude oil, natural gas and refinery products has been negative in July. At the same time, the growth rate of the eight important industries in the period April-July has been only 3 per cent, which was increased by 5.9 percent in the same period of last year.

The growth rate of the steel sector has come down to 6.6 per cent due to the global economic slowdown, which was 6.9 per cent in July 2018. At the same time, the growth rate of cement sector has come down from 11.2 per cent to 7.9 per cent. Talk about the power sector, the growth rate here was only 4.2 per cent in July compared to 6.7 per cent in July last year. Relief has been reported in fertilizer production. The growth rate of fertilizer production in July this year was 8.2 per cent, while the growth rate of fertilizer production in the same month last year was 6.7 per cent.

Talk about basic industries, so during the four-month period of April-July in the current financial year; the growth rate of basic industries has come down to half i.e. 3 per cent. Talk about the last financial year, then the growth rate of basic industries was 5.9 per cent in the first four months of the last financial year. For your information, let you know that from April this year, the growth rate of basic industries is coming down. The growth rate of basic industries was 5.2 per cent in April of this financial year, which came down to 4.3 per cent in May.

At the same time, the economic growth rate data for the June quarter also shows that the country's growth rate has been hit by the global economic slowdown. The growth rate in the April-June quarter has come down to 5 per cent, while the economic growth rate was 5.8 per cent in the fourth quarter of the last financial year. After the decline in the economic growth, India is no longer the world's fastest growing economy at present. The country's growth rate in the first quarter of this financial year has been even below China. China's economic growth rate in the April-June quarter has been 6.2 per cent, the lowest in its 27-year history.

Amid constant questions from the Government on the recession after the economic growth rate figures came to light, Chief Economic Advisor Krishnamurthy Subramanian said that when the economy of the whole world is sluggish, then it is a relief to keep 5 per cent of India's economic growth.  According to Subramanian, the GDP growth rate has come down due to global and domestic reasons, but the Government is taking many measures to revive the economy.

Here, the effect of global economic slowdown is also seen in manufacturing sector. For your information, let you know that the activities of the country's manufacturing sector have come down to the lowest level of 15 months in August. According to the experts, the reason for this is the slow growth in sales, production and employment.

IHS Market's India Manufacturing Purchasing Managers' Index (PMI) fell from 52.5 in July to 51.4 in August, the lowest level since May 2018. This is the 25th consecutive month when the manufacturing sector PMI has been more than 50. For your information, let you know that an index of more than 50 indicates expansion in manufacturing, while an index below 50 indicates weakness.

Clearly, the global economic slowdown has slowed the pace of the country's economy. At a time, when India was the fastest growing economy in the world, but today the growth rate of India's economy has come down to 5 per cent. It is true that the global economic slowdown has affected the economy of the country; due to there is a negative impact on production, sales and employment. In such a critical situation the Modi Government should take necessary corrective steps to bring the economy back on track, so that India's economy can face the global economic slowdown.