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India's growth rate affected by the global economic slowdown

Friday - October 11, 2019 10:14 am , Category : BUSINESS
The IMF increases Prime Minister Modi's concern
The IMF increases Prime Minister Modi's concern

Know what seems the biggest challenge before Prime Minister Narendra Modi at this time?

OCT 11 (WTN) - After the victory in the 2019 Lok Sabha elections, the global economic recession has emerged as a big challenge before Prime Minister Narendra Modi. Prime Minister Modi has been defeating his opponents at the political level within the country and at the diplomatic level abroad. But at the economic level, the economic slowdown is coming before Prime Minister Modi as a challenge, and this the biggest challenge before him to deal with this time.

As you know, the economic recession is an obstacle that no person in the country can live without being affected. India's automobile sector has suffered from economic downturn for the last one year. At the same time, other sectors are also being slowly affected due to economic slowdown. Amidst all this, the warnings issued by the International Monetary Fund (IMF) about the global economic downturn must have raised Prime Minister Modi's worries.

The IMF Chief Kristalina Georgieva has made it clear that the global economy is witnessing economic slowdown, which has affected the growth rate of 90 per cent countries and is slowing down. At the same time, due to the fast emerging economy, it can have a greater impact on India than other countries.

That is the IMF Chief Kristalina Georgieva has made it clear that 90 per cent of the world's economies including India will not be able to live without being affected by the global economic recession. For your information, let us tell you that according to Georgieva; the global economy is currently going through a period of softening for several reasons at the same time. That is, the world's growth rate is expected to reach its lowest level since the beginning of this decade.

However, Georgieva says that the IMF is reducing its growth rate estimates for the current and next year. However, its official revised figures will be released on 15 October. For your information, let us tell you that the IMF had earlier estimated the global growth rate to be 3.2 per cent in the year 2019 and 3.5 percent in the year 2020. At the same time, according to the IMF, the real GDP growth rate in about 40 emerging and developing economies will be more than five per cent, which is satisfactory.

As you know, unemployment is a very big issue in India, but the reason behind this is the huge population of India. But even after having a low population, countries like America and Germany are facing the problem of unemployment. According to the IMF, the unemployment rate in the US and Germany is at a historic low. At the same time, the effect of the global economic slowdown is that the economic activities of Europe's developed economies, including the US and Japan, are getting soft.

But this time the economic recession is having the most impact on big emerging economies like India and Brazil. Not only this; China, which is competing with the US in the trade war, is also facing low economic growth rate. The situation is that China's economic growth rate has reached the lowest level of thirty years.

It is clear that the global economic recession has engulfed the whole world, but for one of the fast developing countries like India, this time the economic slowdown is posing a challenge. In fact, social media was not in existence at the time of the economic downturn of 2008-09, due to which the people pestered and affected by the recession could not express their views openly.

But now that almost every adult has a smartphone in hand, questions are being asked to the Modi Government on the economic slowdown, what are some measures the Modi Government is taking to overcome the economic slowdown? Through social media, the people of the country are asking Prime Minister Modi that the Modi Government is taking some measures to face this economic slowdown and recover from its effects. Now it has to be seen whether the Modi Government tries some formula to deal with the recession, so that the people of the world's largest democracy can get relief.

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