Indian Prime Minister Narendra Modi has managed the economy in various ways, including a stagnant economy after he banned high denomination banknotes overnight in November 2016. A year after the shock, production of the third most Asia’s major economy began to tumble before the coronavirus pandemic pushed GDP to its worst. The Modi administration’s record of managing inflation over the past seven years, better than its predecessor, has been called into question after post-COVID-19 supply chain disruptions spiked household and business prices.
India’s unemployment rate has exceeded that of the world in five of the past six years due to the economic downturn, but the biggest concern is falling labor force participation. India’s budget deficit has hit a record high of 9.3%, and the Modi government has spent fertilizer and food subsidies to provide free food to its 800 million poor during the pandemic. Currently, the government aims to keep the rate at 6.8% for the current fiscal year ending March 31. The Modi government has made little headway on its bold promises to reform state-owned enterprises by selling minority stakes and privatizing some outright.
Here are some charts that show how well his government has managed to manage some of the major economic indicators. India’s annual gross domestic product (GDP) fell to a low 4% in 2019/20. It was a year before the pandemic pushed economic output to a record contraction. Indian households are grappling with the rising cost of living at a time when jobs and incomes are hit by the pandemic, but economists are not hoping next week’s annual budget will bring major relief.
After years of trial and error, he successfully sold his Indian airline Air to Tata, his group, a t2 telecommunications conglomerate, but he also said he would sell some banks, refineries and oil companies. insurance. I didn’t keep my promise.
Summary of news:
- Modi’s record in managing India’s economy is inconsistent
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