The Indian economy is tanking, if one goes by the latest gross domestic product (GDP). As per the latest government GDP data, it stood at 5 percent in the first quarter of the current financial year (2019-20), compared with 5.8 percent in the previous quarter, and 8.0 percent in the quarter ended 30 June, 2018. This comes amid reports that biscuit and auto industries are struggling and people are losing jobs in these two particular sectors.
Analysts say that weak consumer demand and private investments are the reasons behind the slowdown in the economy. Recently, finance minister Nirmala Sitharaman announced several measures to revive the economy. But things are only going from bad to worse. India’s economy expanded at its slowest pace in over six years. The economic crisis will lead to job losses, and the government will have no money to spend on developmental activities. For a state like Arunachal Pradesh, which is totally dependent on central government funds, the looming economic crisis should set alarm bells ringing. The possibility of drying up of central funds is a matter of serious concern. It’s time the government of India took a hard look and explored every possibility to revive the economy. Instead of concentrating on frivolous issues, the BJP government should concentrate on the economy. The people of India have given the party a massive mandate, and it is duty bound to respect the mandate and pay back by taking India on the right trajectory of development.