The Indian economy is facing a severe crisis. The data released by the Government of India’s Ministry of Statistics and Programme Implementation reflects the abysmal state of the economy.
The growth in India’s Gross Domestic Product (GDP) has slid to 4.5 per cent. The GDP growth, the lowest in twenty-six quarters (six years), indicates that the Indian economy has slowed down dramatically.
Industrial activity is at a standstill. The “Manufacturing Sector” grew by (-)0.1 per cent as compared to a growth of 6.9 per cent in Q2 2018-19. “IIP Manufacturing registered a growth rate of (-)o.4 per cent during Q2 2019-20 as compared to 5.6 per cent during Q2 2018-19.”
The “Mining and Quarrying Sector” has also been severely affected. “The key indicators of mining sector, namely, production of Coal, Crude Oil and Natural Gas, and IIP Mining registered Growth rates of (-)10.3 per cent, (-)5.1 per cent, (-)2.6 per cent and (-)1.2 per cent, during Q2 of 2019-20.”
The “Agriculture, Forestry and Fishing” sector, the source of livelihood for large sections of the society, shows a deceleration of growth; the sector grew by 2.1 per cent as compared to 4.9 per cent in Q2 2018-19. The farmers are losing livelihoods. They are under extreme distress.
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