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Economic slowdown in India Group discussion topic for Airforce Phase 2

Economic slowdown in India:

 India's plan to become 5 trillion dollar economy by 2024 could be little late due to the economic slowdown because ofcovid-19.

During the first quarter of 2020-21, India's GDP reduced by -23.9 % which is lowest in world. Once a fastest growing economy in the world, is in a great thread due to economic slowdown.   2019-20 India's economic growth was 4.2 % against 6.1 % in 2018-19 and after 2 months lock down due to covid pandemic contract its economy by 5.9 % in 2020.

 According to World Bank, India is at high risk. India has largest number of young population but 41 lakh youth lost their jobs in last six months. 

Indian government has taken various steps like cutting tax rates and Aatm nirbhar Bharat abhiyan launched to become self dependent, Additional funds in MANREGA scheme to provide employment to migrant workers who returned to their homes, Investment on infrastructurecetc.  Investors could help India to regain its fastest growing economy tag in which Aatm nirbhar Bharat abhiyan could be a game changer.

According to recent data of Times of India Indian economy suffers a big slow down. The GDP growth rate is -23.9 % shows that Indian GDP was hit hard due to covid.  As per IMF report, Indian economic growth rate of this year is 4.5 % which is lowest in this decade. 

 The main cause of slowdown is decreasing the consumption and investment. Mainly 80% of Indian economy depend on these 2 sectors.

 The other cause is  lake of farmer income because 55 to 60% people directly or indirectly depends on agriculture sector. If the income of farmers is not increased, they are not able to purchase or buy anything that's why consumption is decreases and demand reduces. 

 The electronics sector also declined because the sale of electronic items are decreasing the M S M E sector also falls and many people are faced the problem of unemployment.

 The automobile sector is not able to sale more than 50 cars during 21st March to 30 April which is lockdown period across India. 

Due to slow down the NPA of banks also increased as people lost  jobs and could not able to pay loans.

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