Exploring the Economic Slowdown of India
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Author: Gian Singh , Dharampal , and Jyoti 1 2* 2
Author Address: 1Former Professor, Department of Economics, Punjabi University, Patiala-147002 (Punjab), and Assistant Professor, 2 Department of Economics, GGDSD College, Kheri Gurna (Banur)
Keywords: COVID-19 pandemic, GDP, growth rate, inequality, unemployment.
JEL Codes: E24, F43, O47, Q18.
Abstract
The GDP growth rate of India has been shrinking after 2016-17. Unemployment reached a 45-year high. The industrial output from the eight core sectors at the end of 2019 fell by 5.2 per cent, which was the worst in 14 years. Private sector investment had been stagnant for several years and declining in recent times, and consumption expenditure had also been falling, for the first time in several decades. Now, COVID-19 pandemic has added fuel to the fire by contracting growth rate of India to -23.9 per cent for the first quarter of the financial year 2020-21 as compared to that of the same quarter of last year. The COVID-19 pandemic has badly affected the manufacturing and services sectors. The agricultural sector remains the sole bright spot which recorded a growth rate of 3.37 per cent in the first quarter of 2020-21 against 2.97 per cent in the same quarter of last year.
Description
Indian Journal of Economics and Development
Volume 16 No. 4, 2020, 641-647
DOI: https://doi.org/10.35716/IJED/20276
Indexed in Clarivate Analytics (ESCI) of WoS
Scopus: Title Accepted
NAAS Score: 4.82