Economic Slowdown And Its Impact On Indian Economy Pdf

economic slowdown and its impact on indian economy pdf

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Published: 24.04.2021

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Not a MyNAP member yet? Register for a free account to start saving and receiving special member only perks. The economies of India and China have grown rapidly over the past couple of decades, and it is widely accepted that these two emerging giants will transform the global economy in numerous ways over the coming decades. Despite the importance of these countries, their strengths and weaknesses, the sources of their growth, and the missing ingredients to sustain high growth rates—are not widely known.

Economy of India

The jobs crisis in India sees young people going to great lengths to try and get regular work: File photo of aspirants returning from a police recruitment exam in Jaipur having to crowd a train. India's economy has fallen on hard times. It is a steep fall from the growth rate of 8. The fall is more dramatic in terms of the quarterly output estimates, from growth of 8. With unrelenting bad news of a fall in output and sales and of a retrenchment of workers coming from across sectors and regions, the Government is finally compelled to admit the reality.

Economic impact of the COVID-19 pandemic in India

To an economy passing through demand depression and high unemployment, the lockdown would add supply-side stress, accelerating the slowdown further and jeopardising the economic wellbeing of millions. It does not require an economist to tell that a complete social and economic lockdown of India for 21 days would severely impact the supply side of the economy, that is, production and distribution of goods and services, except for the essential items that are exempt. In an economy already reeling under a demand depression, rising unemployment, and lowering of industrial output and profits, all of which happening together for several quarters now, a supply-side constraint would deliver a big blow, jeopardising growth prospects and social and economic wellbeing of a large number of people. What could be the magnitude of the impact of a complete social and economic shutdown may not be easy to estimate, but it is likely to be far more severe than either the demonetisation or the GST rollout. Nobody now disputes that those two events delivered economic shocks from which the economy had not yet recovered when the coronavirus pandemic struck. The similarity with the 's demonetisation or 's GST does not end at their economic impact. The blow to people and businesses could have been considerably softened but for lack of foresight, planning and strategies.

financial crisis on the Indian economy and suggests some policy measures to put the spared the first round adverse effects of the current crisis and their banks crisis/ (accessed 22 May

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Send us an email at prospects worldbank. This page in: EN. Global Economic Prospects. Toggle navigation. The pandemic has exacerbated the risks associated with a decade-long wave of global debt accumulation.

Economic impact of the COVID-19 pandemic in India

The economic impact of the coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year went down to 3. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably India had also been witnessing a pre-pandemic slowdown, and according to the World Bank , the current pandemic has "magnified pre-existing risks to India's economic outlook". The World Bank and rating agencies had initially revised India's growth for FY with the lowest figures India has seen in three decades since India's economic liberalization in the s.

The economy of India is characterised as a middle income developing market economy. The long-term growth perspective of the Indian economy remains positive due to its young population and corresponding low dependency ratio, healthy savings and investment rates, and is increasing globalisation in India and integration into the global economy. India has one of the world's highest number of billionaires and extreme income inequality. It is the world's 25th-largest oil producer and the third-largest oil consumer.

The slowdown in Indian economy started knocking on Indian doors by the end. of economy but those signs were too weak and the whole economic environment. was full backup have negative impact on sentiments in the economy.