Indian economy is not doing well for a long time. In just the last 15 days, many such figures have come which are telling the story of the economy's plight. These figures are no less than a shock to the government. Let's know about some such economic data …
1. Second Quarter GDP figures
On November 29, the GDP figures for the second quarter of the current financial year (2019-20) were released. These figures show that the country's economic situation has become worse than before. Accordingly, the GDP figure has reached 4.5 percent in the second quarter. This is the biggest decline in any one quarter in almost 6 years. Earlier, the country's GDP rate was at this level in the March 2013 quarter. At the same time, there has been a decline from the 6th quarter.
2. Bad Era of Core Industry
The data for the core sector for the month of October was released on the same day. According to the latest government data, the core sector fell 5.8 percent in October as compared to a year ago. Except for the fertilizer sector of the industry, 7 other batches were seen. Explain that the 8 major industries of core sector include coal, crude, oil, natural gas, refinery products, fertilizers, steel, cement and electricity. They account for about 40 per cent of India's total industrial output (industrial production).
3. RBI also gave a blow
On December 5, the Reserve Bank of India in the monetary policy review reduced the country's GDP growth estimate from 6.1 percent to 5 percent during the financial year 2019-20. This estimate of the Reserve Bank is a setback for the government. The RBI said that economic activities have weakened further and the production gap remains negative. Earlier in the policy review in the month of October, the Reserve Bank had announced that the GDP growth in the financial year 2019-20 can be 6.1 percent. At the same time, different institutions including Nomura have also slashed the GDP growth estimate.
4. Economy's trust is reduced!
Not only this, people have also lost faith in the economy. According to the RBI survey report, the consumer confidence index fell to 85.7 in November. This is the lowest level since Prime Minister Narendra Modi came to power in 2014. The fall in the consumer confidence index means that people's trust in the economy of the country has decreased and customers are not buying. This is a matter of concern for the Indian economy.
5. Auto Industry Slowdown
The auto industry slowdown continued in November as well. According to data from the Society of Indian Automobile Manufacturers (SIAM), the auto sector's total sales fell by 12.05 percent year-on-year in November. At the same time, sales have come down by about 16 per cent in the period from April to November. Production has also fallen by 13.75 percent during this period. Total sales in November were 1,792,415 vehicles. Whereas in the same time a year ago, this sales were 2,038,007 vehicles.
6. Industrial production also reduced
Recently, data released by the government has said that industrial production (IIP) decreased by 3.8 percent in October. According to official figures, industrial production declined by 4.3 percent in September and 1.4 percent in August.
7. Boost in retail inflation
The rate of retail inflation rose to 5.54 per cent in November, the level of three-year high, due to the rise in prices of other vegetables including onions, pulses and meat, protein-like items. Earlier in July 2016, retail inflation was 6.07 percent. According to the data, consumer price index based retail inflation has increased due to costlier vegetables, pulses and protein-rich foods during the month.
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