India GDP in ICU Rolls Down to Five Per cent

India GDP condition of country

On India GDP condition, NSO (National Statistics Office) released data Friday evening for the first quarter i.e. for April- June quarter. What reports were coming in the news for the last two weeks have been officially confirmed true by NSO data on country economic health yesterday.

India GDP has slumped to 5 per cent in the first quarter. The auto sector is the one making a noise very much. People are losing jobs in the auto sector. Many industries including India top car manufacturing company

Maruti has cut down its production. Although the government tried to provide relief to them. However, now it’s not the auto sector but financial services, farm and construction sectors have also shown negative growth.

Yesterday before NSO data release government tried to catch the headlines by announcing mergers of ten public sector banks. When GDP is slowing down at a pace mergers of banks may look relief for some.

But what many economists fear that it is not the original data NSO has shown. They are anticipating that the country manufacturing sector is in the worst condition. And the government is fudging data just to save their face.

Amid tension between India Pakistan and NRC, the announcement seems like all the problems Modi government as invited at the same time. With the merger of banks, it is very much predictable that jobs are also going to reduce in the banking sector. In-country where the unemployment rate is higher in 45 years cutting of jobs may worsen the condition.

SSC (Staff Selection Commission) exam which the government conducted in 2017 has not released the result yet. Opposition parties are seeing these problems as opportunities. And leaving no chances of raising their voices against government policies.

On the other hand, the government is not seeing it as a recession.

Chief economic advisor Krishnamurthy Subramanian said, we may be growing slower but still, we are growing at 5% which itself is a bizarre statement. Because last month he is the one presenting the road map of growing at 8 per cent.

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