Indian Economy Slips by 7.3% Under Modi After 4 Decades
On the other hand, Pakistan’s economy performed beyond expectations and showed a 3.94% economic growth rate this fiscal year
The outbreak of the covid-19 pandemic followed by a sustained slowdown in various sectors encumbered the Indian economy resulting in a shrink by 7.3% in the fiscal year after 40 years, contrary to what was projected by United Nations (UN).
UN has raised India’s growth forecast to 7.5% for the current fiscal year but the country’s outlook remained fragile due to the ongoing crisis.
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India’s GDP, Asia’s third-largest economy, grew by 1.6% in the January-March period but contracted 7.3% for the entire fiscal year that shows the impact of the raging coronavirus pandemic in the country.
The growth estimated by the experts witnesses a reverse due to lockdowns imposed by the government to ensure the safety of the citizens.
India’s economic ruin began the day the incompetent Modi govt came to power. The rapid slowdown began before the pandemic hit, now India’s GDP sees its lowest rate in 40 years. #GDP pic.twitter.com/dBnTeP9RLW
— Congress (@INCIndia) May 31, 2021
Earlier, in 1979-80, the state faced a severe drought that gripped most of the country and the Indian economy shrunk by 5.2%.
The state at that time was battling against the short supply of crude oil due to the Iranian revolution and a severe drought along with a change in government.
Then Finance Minister R Venkataraman blamed the government for the economic downfall and asserted that instead of building the economy, it had allowed it to drift through inaction and mismanagement.
So far, India has had five instances of recession or real GDP contraction since the nation’s independence in 1957-58 (-1.2%), 1965-66 (-2.6%), 1966-67 (-0.1%), 1972-73 (-0.6%) and 1979-80 (-5.2%), reported Mint.
On the other hand, Pakistan’s economy performed beyond expectations and projects 3.94% economic growth rate in the current fiscal year.
The growth projected by International Monetary Fund (IMF) for Pakistan was between 1.3% and 1.5%, however, the country showed an impressive positive growth than expected.
