Indian economy in deteriorating condition?

With the rising number of cases due to COVID-19 the Indian Economy has been on a rollercoaster ride.

According to a UN report India’s growth rate projected to slow to 1.2% in 2020. Our Finance Minister Nirmala Sitharaman recently released a statement saying that our economy is in the right direction. All the international rating agencies like Moodies, Goldman Sachs have reduced India’s growth rate forecast. But our government says that
they have fine tuned everything. Unemployment is on all time high.

As per CMIE’s data, the monthly unemployment rate in April
stood at 23.52%, up from March’s 8.74%.Former RBI governor Raghuram Rajan has been saying it time and
again that government needs to pay attention to the Indian
economy. But has the India government done enough?

The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India’s growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic
effect on the Indian economy. Notably India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has “magnified pre-existing risks to India’s economic outlook”Unemployment rose from 6.7% on 15 March to 26% on 19 April and then back down to pre-lockdown levels by mid-June.

During the lockdown, an estimated
14 crore (140 million) people lost employment while salaries were cut for many others.More than 45% of
households across the nation have reported an income drop as compared to the previous year.

The Indian economy was expected to lose over ₹32,000
crore(US$4.5 billion) every day during the first 21-days of
complete lockdown, which was declared following the
coronavirus outbreak. Under complete lockdown, less than a quarter of India’s $2.8 trillion economic movement
was functional. Up to 53% of businesses in the country
were projected to be significantly affected.

Supply chains have been put under stress with the lockdown restrictions
in place; initially, there was a lack of clarity in streamlining what an “essential” is and what is not.
Those in the informal sectors and daily wage groups have been at the most risk.[10]
A large number of farmers around the country who grow perishables also faced uncertainty.

The facts are right in front of us. All we need to see is what do we really develop ? Do we need false sense of hope and false promises or do we need concrete results. Every citizen should be aware of the economy and the growth a country is looking forward to.