In the first quarter of the current financial year, India’s economic growth rate, ie GDP, has fallen to a negative 24%, which is the biggest economic decline in India in the last 40 years.
Due to the ongoing lock down across the country due to the Corona epidemic, the economic activities that have come to a complete halt have dealt a severe blow to the economy and India’s performance has been far worse than other developed and emerging economies.
According to data released by the National Bureau of Statistics (NSO) of India, during the first quarter of the current financial year, April-June, the economic growth rate was negative at 23.9 percent. The construction, manufacturing and trade, hotels and transport sectors have been hardest hit. They declined by a record 50.3%, 39.3% and 40.7% respectively.
Former finance minister and Congress leader P Chidambaram has accused the Modi government of failing to tackle the Corona epidemic.
“Except for the Prime Minister and the Finance Minister, everyone knew that the crisis in India’s economy was about to get worse,” Chidambaram said. The whole country is paying the price. The poor are disappointed but the Modi government does not care. The government has fabricated a false story, the truth of which has come to light. “
Former Indian Finance Minister P. Chidambaram says there is no hope of recovery in the Indian economy in the short term. It will take a long time. “I think it will take months for the first positive picture to come but the government and its unpredictable and uncertain measures could lead to more mistakes and if the government makes more mistakes it will take a long time for the Indian economy to recover.