The IMF has released the latest figures for India’s GDP and economy. That is not a good sign at all. According to the latest data released by the IMF, India’s economy will grow at a pace of -10.3% in 2021, which means that the Indian economy will plummet by -10.3%.
Prime Minister of India, Narendra Modi wanted to make India’s economy worth $ 5 trillion by 2024 25. But now it seems that the dream is going to be incomplete. And for this we need to work harder. The economy in India is shrinking instead of growing. And this is a concern for the Government of India. This is what the data given by the IMF and the Indian government itself tells us.
What is the reason given by IMF declining GDP
IMF has reported that India’s GDP will be reduced by -10.3% this year. But what is the reason for this? The IMF says that the Indian economy is going through a difficult phase due to the long lockdown imposed by the Indian government.
Earlier in the month of June, IMF estimated India’s economy to reach -4.5%. Now this estimate has been carried forward. Which is not a good sign for India’s economy and GDP.
IMF, the worst state of India’s GDP in emerging economies around the world
According to the data released by the IMF, India’s GDP is going to be the worst in the emerging economy worldwide. The IMF has reported that India’s GDP is going to fall by -10.3%. We also know the same thing from the data released by the Government of India.
The figures for the first quarter of 2020 21 were released by the Government of India, according to these figures, India’s GDP reached 23.9%. Which is by far the lowest level for India’s economy.
If we talk about America in economies bigger than India, then in 2020 21 America’s economy can go up to -4.5%. Which is in a much better position than India.
Talking about the economy of our neighboring country China, the IMF has forecast a positive growth rate for this. According to the IMF Economic Report, China’s growth rate could be 1.9% this year. Let us tell you for information that there has been a border dispute between India and China for the last several days. This has also affected economic activities between the two countries.
Bangladesh may overtake India in per capita GDP
How bad is India’s GDP, you can guess from the fact that India’s neighboring country can surpass India in per capita GDP of Bangladesh. IMF has made this estimate in its economic report.
Congress leader Rahul Gandhi has targeted the BJP government by tweeting a graph on Twitter.Rahul Gandhi said in his tweet that the achievement of the last 6 years of the Indian government has resulted in hate-filled cultural nationalism that, in per capita GDP Bangladesh is also overtaking us. For your information, let us know that even before this, Congress leader Rahul Gandhi has been besieging the Indian government on unemployment economy and all the issues.
One thing has become clear from this that Prime Minister Narendra Modi’s dream of a $ 5 trillion economy has received a tremendous blow.
How will these figures of GDP affect the general public?
Do these GDP figures released by the Indian government and IMF also affect the general public? Can this increase our economic difficulties.
Experts say that the GDP figures tell us clearly that the income of the Indian public will be less than 2000000 crore rupees this year. 20 lakh crores is not a small amount. The size of the economy of many countries is less than 20 lakh crores.
In such a situation, there will be more difficulties for those who earn daily and eat daily. They have nothing to save.
According to a report released by the World Bank recently, India has worked hard to bring people above the poverty line in all the years. On it, it can drain the lockdown and corona virus. The World Bank says that India will now have to work harder to raise above the poverty line. The World Bank says that it can increase starvation in India. And there is a constant danger of people going back below the poverty line.
Investment rate in India may be slow
The GDP figures tell us another reality that this will reduce investment in India. This will generate less employment in the Indian economy. India is also grappling with the problem of unemployment at this time. According to a report released by the BBC, the unemployment rate in India has been 9% or more. Which is creating problems for the Indian government.
If there are no buyers in any country, then why would investors invest? This is a great question. Which shows us the latest data released by the IMF. This will also affect your income and you will spend less money. One simple means of this is that in the coming days, the difficulties of India’s economy will not be reduced.
How long will India’s economy now become a 5 trillion dollar economy
India’s economic situation was much better when Prime Minister Narendra Modi had dreamed of making India’s economy worth $ 5 trillion. And constant foreign investment was coming.
But the corona virus has destroyed all these dreams. In such a situation, the question arises now how long the Indian economy will be able to become 5 trillion dollars.
When we talked to the experts about this, they said that India’s problem is not yet the $ 5 trillion economy. Rather, the first challenge for India is India’s constantly shrinking economy. First the government will have to change this situation. After that we have to take steps to revive the economy.
Experts are saying that by 2024 25, under no circumstances will India’s economy become $ 5 trillion. The new target for this may be 2030. By 2030, India’s economy can become 5 trillion dollars. But for this also the Indian government will have to work very hard.
Whether or not India’s economy will be worth $ 5 trillion depends on two things. The first thing is how quickly investors return to India. And the second is how long the corona virus is eliminated from the world. And if the corona virus does not end, how soon does the world get its vaccine? If countries like India do not get the Corona virus vaccine soon, the difficulties of India’s economy may increase even more in the coming days.
Good news for Indian economy may come in 2021
It is not that in this IMF economic report, only bad things have been said for the Indian economy. According to this IMF report, in 2021, India’s economy can grow at a growth rate of 8.8%.
Experts are saying that when the public was put down in the country due to Corona virus, then everyone knew that there will be a huge decline in India’s GDP. But as conditions normalize, India’s economy will also improve. And the economy will be back on track. That is why IMF has probably projected a growth rate of 8.8% for 2021 for the Indian economy.