India's GDP In Jeopardy: The Rate Of Fall In GDP Will Leave You Alarmed
The real estimated GDP growth contracted to 14.8 percent and 10.5 percent by global rating firms Goldman Sachs and Fitch, sequentially, in FY21, as calculated by the statisticians at State Bank of India there was an even cutting negative growth of 16.5 percent.
The total Indian economic product shrunk by 23.9 percent in the first quarter of FY21. This has been the worst drop in the quarterly GDP number ever recorded since 1996 when India first started composing GDP data every quarter.
" The recent pick-up in the sectors like auto is not evidence of the much awaited V-shaped recovery. It reflects pent-up demand and will fade as we go down to the true level of demand in the damaged, partially-functioning economy. No doubt the government and its bureaucrats are working hard as always but they need to be frightened out of their complacency and into meaningful activity" said Raghuram Rajan the former governor of RBI (Reserve Bank of India).
Forecasters cut India's economic growth projection for the calendar year 2020 (CY20) and FY21. Even if there comes a change on this front over the next few weeks – dubious as that may seem – the virus is not going to go away any time soon, raising the questions regarding how long the government is going to wait until it chooses to take action. The Indian Express report offers the even more alarming news that Modi's economic brain trust recommended stimulus six weeks ago, and he still chose not to move on it.
God bless India which is in the hands of such an irresponsible ruling party. Where people are not only dying off the coronavirus but also of hunger as they are losing jobs and are living a nightmare.