India’s GDP fall down to -23.9% “Worst Economy in Decades”
Yes, today I have come with sad news, India’s GDP(Gross Domestic Product) falls down to -23.9%.
This huge contraction is the first time after India started publishing quarterly figures in 1996. As our country has become a global hotspot of coronavirus(COVID-19) it seems very difficult that we can do anything to stop this declination.
There are more figures that will shock you. The data released by NSC(National Statistical Office) point’s up that manufacturing, construction, and trade sectors saw a massive decline of 39.3%, 50.3%, 47% but due to good monsoon and less pollution in lockdown farm sector grew at 3.4% in June.
The government of India had said that this declination has happened due to the “Act of God” but if we see the graph of GDP before lockdown it is continuously declining from June 2018 to March 2020 due to some harsh decision and no proper implementation of GST(Good Service Tax) and Demonetization.
Here is the graph of GDP from June 2018 to March 2020:
Before Demonetization and GST, India was the fastest-growing economy in the world but after the hit of COVID-19 pandemic, our economy has gone 10 years in the past. According to many Economists, situation can get more worsen in 2021 and this situation has pushed the country in unemployment, corruption, businesses went in bankruptcy, and Middle class in Loans in fact whole country in big Loan of 560000 USD(US Dollars).
If you like my work please support me by sharing this post to your friends, family and loved ones.