As of today, no matter whatever actions the finance minister has taken to boost the economy of our country but still, our country is facing an economic crisis. Till the last few years, India was in good economic condition but now the economic crisis is faced by India. We hit a minor bump in 2008 because of the global meltdown but thankfully we rose from that condition again by proving that why it is called a developing country.
But again when we talk about today’s economic condition, it is unexpected and unwelcoming. We are facing a big economic crisis in our country and we have to rose from it again at any cost.
According to reports, we are facing these four main problems and the name of these problems that need to be resolved as soon as possible are:
- The freefall of rupee from the dollar and other against currencies
- Soaring inflation
- Widening current account deficient ( CAD)
- Dampened GDP growth
These are the four major problems of India nowadays and we have to focus on these problems if we want to see our country in one of the fast-developing countries. We were not even at the point where we were a few years back. Developing countries means the country should move forward when it comes to business and economy but we are lagging to ourselves when we compare from the last few years back. Remember that worsening one of these factors will also affect the other factor in no time therefore, we need to check it out.
The most recent thing that we have to worry about is the rupee tumble and we have to focus on it if we want to change the economic crisis of our country. The crisis has been started when the US federal reserve bank announced that it would taper off its quantitative easing policy. It results in a pump in a huge amount in the developing economic market. After the implementation of the policy, countries like India had seen its effect on their economic condition.
Because the policy has caused a sense of panic in investors as well as among industrialists, over the last 6 years, the currency has reached its lowest point.
Another thing that we have to consider is the CAD. It is currently pegged 4.8% of the GDP. Of course, the most obvious reason behind it is decreasing in exports while at the same time, the increase in imports and this is again the reason why we are facing an economic crisis in our country.
Even some economists, bankers, investors are expecting financial crises in 2020 and of course, there is the reason behind it and this is the economical down of the country.
According to the latest annual report of the financial year 2018 to 2019, it has been confirmed that the Indian economy is at the rough patch from the last year. It has been a slipped 5 percentile from the last year. And of course, it is an indication that we can face more and tougher time in the upcoming years if the problem is not resolved soon. Still, our government is not taking the appropriate steps to boost the economic condition of the country.
In the past decade, this is the third instance when we are seeing a major economic slowdown in our country and which is also a big deal to care about, The last instance of that type of negative growth in India was in 1979. India is a fast developing country but considering today’s Indian economical condition, it can’t be said that. It is a time of growth recession where the economy continues to grow but at a very slow rate than the usual time. And this is India’s situation nowadays.
Here it should be added that recession can be short-lived if the government takes corrective actions in no time. While at the same time, we have to admit the situation of the slowdown, the rise in the inflows from last year to this year is good. Even the government has revised the GST for the automobile sector. Considering the current scenario, only it can be said that the country needs a change and the government needs to take some corrective actions now if we want to see India as a fast developing country in the world.
Vaibhav Sharma is a digital marketing expert by day and writer by night. He is a project manager at True Scoop News who specializes in blogging, article and copywriting. He loves to write technology related articles, entertainment blogs, latest national news in English and Punjabi and tutorials as long as there is a bit of information technology.