Frightening figures


The economies of not only India but of the world have collapsed due to the Corona epidemic. After the lockdown in India, the state of the economy has not only deteriorated, but has gone into the abyss. The GDP data for the first quarter of the current financial year, released recently, has left no room for any complacency. Everyone knew that the figures would be declining but the decline of 23.9 per cent, hardly anyone would have thought. Certainly the government figures and figures of the world's major rating agencies are serious, worrying and intimidating. But we are not the only economy to witness a decline in GDP. Few and far more, but almost all the countries of the world are experiencing a significant decline in the growth rate. Experts say that the reason behind the poor figures in India is that the nationwide lockdown has been in force for more than 68 days during this quarter, in which all economic activities came to a standstill. The agricultural sector alone remained free from it. The result is that while all the sectors are showing a decline, the agriculture sector has registered an increase.
Whether it is domestic or foreign ratings or the recent government figures, the bottom line is that it is not easy to bring the economy back on track. Things will improve in the coming quarters; its prospects are not seen far and wide. Apart from this, the role of foreign investors is a big factor in the stock market. Almost all of the countries in the world are facing terrible recession at this time. But the Indian economy has been struggling for the last two years. In such a situation, the global rating agencies are not expecting a quick recovery in the Indian economy. The twenty-four percent decline in GDP in India may be more after the organized sector figures. The unorganized sector is the backbone of the Indian economy, but unfortunately it is the sector that is facing the worst recession today. The economic balance of the common man has deteriorated as small traders stop trading, there's job loss, earnings have stopped, and the number of withdrawals from provident funds and savings schemes for daily expenses has increased. The price of gold breaking records and going to highs indicates financial insecurity and economic imbalance. To overcome these situations of economic imbalance and insecurity, the Narendra Modi government is making extensive efforts, making new announcements and implementing economic policies, which are making it even more complicated to see the possibilities of light among the blind.
To make the Indian economy healthy, it is necessary that we make positive efforts to bring our banks and non-banking financial institutions back on track. In the last several years, the situation of large debt sinking has destroyed our banking system. Some big businessmen have gone abroad with huge loans from banks, some have been declared bankrupt or are approaching it. Despite the strictness and all government efforts, the recovery of loan remains a dream, which is a major obstacle to bring the economy back on track. The monopoly of public sector banks or insurance companies, used for the help and growth of business houses, may present a golden picture of economic development, but in terms of democratic values, economic tension, violence and imbalance are the major cause. Which hurts social consciousness or justice? In order to remove this big discrepancy and irony, in the economic policies of Narendra Modi, there are ventures to give loans to small traders, agriculture and rural industries and encourage start-ups. But Modi's economic policies will not be given momentum without controlling the economic corruption of banks. The search for economic decisions inclusive of democratic elements is no less difficult.

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