India’s economy has started improving once again due to the festive season. But the question is, how long will this boom in the Indian economy last? Amidst the huge sales in the e-commerce cell and rising demand for petrol diesel, economists are saying that the Indian economy is seeing rapid improvement. But is this improvement temporary? This is a big question. It is important to get an answer to this.
The 15 indicators considered by international economic agencies as the scale for the growth of the economy. 13 of them have seen a boom. However, there is still a difficult phase in 5 sectors. Most of these include service sector departments.
Tourism is a big department of these. Which is still stuck in difficulty. Because international tourism has still not started in the country. Economists say that if tourism is to be elevated, we will have to reopen the country for international tourists. And the economic package will have to be released for the tourism sector.
Let us tell you for information that tourism plays an important role in the economy of India. Tourism has been given the status of industry by the Government of India.
India economy is improving rapidly?
Economists say that India’s economy is seeing rapid improvement. But economists on the other hand say that this boom can also be temporary. Because festival season is going on in India right now. And there is a huge demand in festivals in the market.
Work is being done in factories from auto sector to manufacturing sector day and night. And the industry is constantly trying to meet the demand. Which is a good sign for India’s economy.
However, economists say that if this boom continues for a long time, it will be good for India’s economy. Because then a cycle of economy will come out. Which will help in uplifting the Indian economy. In such a situation, it will be interesting to see how long India’s economy grows rapidly.
Service sector still needs help
The service sector still needs help. Where India’s economy rests as an important pillar. The largest part of the service sector is tourism. Apart from this, the need for help is also being felt in other departments of the service sector. In such a situation, it will be interesting to see what steps the Government of India takes to uplift the service sector.
If we talk about the data of the service sector in the economy, the service sector contributed 83 percent of the total decline of India’s economy. In such a situation, you can guess what terrible pressure the service sector is facing at the moment. In such a situation, the government should help raise the service sector once again. These are the figures from April to June.
Indian economy is getting good signs
There are good indications for the Indian economy at this time. Recently the e-commerce market sales figures were released. And there has been a tremendous boom in this. With this, the Indian economy is once again said to be back on track.
Talking about the economy data for September, the GST e-bill has seen an increase in demand for petrol and diesel. Apart from this, the auto sector has also reached its highest level of 22 months.
But economists also see a concern in the state of the Indian economy. Economists say that this boom in the Indian economy is due to the festive season. And this boom may continue for another 2 months. But as the festival season ends. The Indian economy may once again go into recession.
ICRE has released the data for Coal India. And it says that the production being done by Coal India will remain at its highest level for a long time. It is not expected. The Finance Ministry itself is waiting for the January-February economy data.
What is said by the government on the boom of the Indian economy
On behalf of Economic Affairs Secretary Tarun Bajaj, it has been said that everyone was saying that there will be a further decline in the Indian economy. But due to the festive season, it is seeing tremendous boom. He said that we cannot say yet that this demand is permanent. Or the stalled demand is being met. For this, we should wait till the January-February data comes.
Recently, Reserve Bank of India Governor Shaktikanta Das had said that the Indian economy is standing at the doorstep of the boom. Although the economy has achieved a steady boom, it is too early to say.
Government of India is preparing to bring another relief package for the economy
The government is also aware that the figures of the economy are coming out. They are appearing due to the festive season. That is why the government has said that if the need arises, we can come up with another economic package in the coming time.
But for this, we have to wait for the January-February economic data. We have not yet closed the doors of the economic package for the economy. However, it is too early to say anything on this. Finance Minister Nirmala Sitharaman said these things during a press conference.
One thing is decided by this, that even the government itself does not know whether the boom in the economy is permanent or not. According to a report by Group Field, the boom in the Indian economy is not sustainable. At the same time, some other economic agencies have also made similar estimates for the Indian economy.