India’s economy in shambles, headed for a double-digit decline

[ziaulislam]

NATIONAL UNEMPLOYMENT DAY.
What's the total number of unemployed?

PM Modi's 70th birthday: Congress observes it as National Unemployment Day

Even as the BJP and many others in the country are celebrating the 70th birthday of Prime Minister Narendra Modi with full rigour, opposition Congress party has decided to celebrate the day as National Unemployment Day to highlight the jobs lost since the COVID-19 struck the country earlier this...

m.economictimes.com

Most since independence

 

[Baibars_1260]

China let loose the virus. Who cares whether they 'crushed' it or not.

No international organization or nation (including the WHO) says China "let loose" the virus .
The most comprehensive research on the origins and causes of the spread has been done by the US CDC and John Hopkins University epidemiologists.
Could you cite ONE credible source that says "China let loose the virus"?

 

[Protest_again]

THE ECONOMY WAS LANGUISHING BEFORE THE LOCK DOWNS.

Please Indian govt agreed to compensate states for loss in taxes because of GST mechanism. It cannot and will not cover loss in revenue because of pandemic.

If it did so, covering about 3.7 lakh crore for all states by borrowing will seriously affect fiscal deficit targets. Development expenditure takes severe hit (for years) to cover the borrowing. It is upon the states to part borrow and part reduce their budget expenditures for this year to cover for the shortfall.

It is disingenuous to expect center to cover this shortfall while they want to maintain their expenditure. How ludicrous is this? There is a reason why only states with opposition in rule are asking for this. Its laughable to say the least.

 

[Baibars_1260]

Most since independence

India Unemployment Rate

Unemployment Rate in India increased to 9.20 percent in June from 7 percent in May of 2024. This page provides - India Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

Suicides due to unemployment?
Suicides by farmers?
Do we see this anywhere else?
It is called PAKODANOMICS ( Indian fried fritters).

 

[ziaulislam]

I als expect negative growth in next rtwo years unless a large stimulus is built

Even before pandemic i predicted that india will head for slow growth/recession period unless reforms are undertaken

 

[Baibars_1260]

Please Indian govt agreed to compensate states for loss in taxes because of GST mechanism. It cannot and will not cover loss in revenue because of pandemic.

If it did so, covering about 3.7 lakh crore for all states by borrowing will seriously affect fiscal deficit targets. Development expenditure takes severe hit (for years) to cover the borrowing. It is upon the states to part borrow and part reduce their budget expenditures for this year to cover for the shortfall.

It is disingenuous to expect center to cover this shortfall while they want to maintain their expenditure. How ludicrous is this? There is a reason why only states with opposition in rule are asking for this. Its laughable to say the least.

There was a shortfall earlier to the pandemic. The Demonetization took out 80% of the money circulation in the economy. India has a large unorganized sector.
There isn't enough recovery from GST.

 

[Protest_again]

Lets not bring pakistan here. Dont go by pakistani tabloids

But our debt will peak a 87% this year(never crossed 100%???) and drop afterwards as we are returning to growth(2% projected).

Pakistan reason for debt up swing was devaluation not borrowing ..when you devalue your Nominal gdp shrinks(NOT REAL GDP) & debts goes up TEMPORARLY. pakistan debt is projected to return to 70% in 2022-23 as it was in 2017.

our issue is structural with lack of building reserves this seems to be a political thing hopefully wont happen again

1. Gdp debt was suppose to hit 87 pre covid
It will not hit almost 100% with worsening figures coming in and growth prospects being low
2. Growth WILL NOT RETURN this is consensus amongst all economist. Just need to read and use google..infact the third quarter demand fizzling out will cause fourth quater being negative too, as growth was dropping before covifd for 8 straight quarters

3. If india goes for a stimulus it will push debt even further but may rewake the economy

India debt to GDP ratio might grow this year but will come down given we are expected to grow over 10% next year (nominal around 22%).

 

[Baibars_1260]

I als expect negative growth in next rtwo years unless a large stimulus is built

Even before pandemic i predicted that india will head for slow growth/recession period unless reforms are undertaken

The demonetization effects will be long lasting.
But the organized sector has been crushed as well including the automobile sector.

Why is India's car industry in breakdown mode? - BBC News

A continuing slowdown in one of the economy's biggest sectors is sparking fears of job losses.

www.google.com

 

[Protest_again]

There was a shortfall earlier to the pandemic. The Demonetization took out 80% of the money circulation in the economy. India has a large unorganized sector.
There isn't enough recovery from GST.

Please since demonitisation, GST compensation fund was able to cover the revenue shortfalls for 2017, 2018, and 2019 (except for last quarter).

It is only this quarter that compensation fund has 67000 crores collected through GST compensation cess but revenue shortfall because of pandemic is 3.7 lakh crores. Centre disbursed 67000 crores (all of fund) and an additional 54000 crores. How do you suppose central to cover all of 3.7 lakh crores. It will have to do so by raising GST rates or by introducing pandemic cess. But first it has to borrow. Both will be unpopular. Why would you ask only centre to bear all the brunt because of pandemic?

 

[Protest_again]

The demonetization effects will be long lasting.
But the organized sector has been crushed as well including the automobile sector.

Why is India's car industry in breakdown mode? - BBC News

A continuing slowdown in one of the economy's biggest sectors is sparking fears of job losses.

www.google.com

You are novice stop polluting this thread with your nonsense. You are like that pappu who is heading congress.

All throughout 2019, even the Chinese market was experiencing negative growth in car sales. I suppose you would blame Modi even for that.

 

[Baibars_1260]

India debt to GDP ratio might grow this year but will come down given we are expected to grow over 10% next year (nominal around 22%).

Rest our case:

India's debt-to-GDP to shoot up to 87.6 per cent towards the end of the current fiscal

Over four percentage points of the increase in the debt-to-GDP ratio is attributable to the fall in growth, which is going to result in GDP contraction during the year, they said, insisting on measures to address growth rather than adopting fiscal conservatism.

www.google.com

 

[Baibars_1260]

You are novice stop polluting this thread with your nonsense. You are like that pappu who is heading congress.

All throughout 2019, even the Chinese market was experiencing negative growth in car sales. I suppose you would blame Modi even for that.

The pollution is from your lies.

Please anwer with a credible source that China "let loose" the virus.
How much does the "IT" cell pay you per post?

 

[Baibars_1260]

You are novice stop polluting this thread with your nonsense. You are like that pappu who is heading congress.

All throughout 2019, even the Chinese market was experiencing negative growth in car sales. I suppose you would blame Modi even for that.

Your comment?

 

[Beidou2020]

India is finished. It’s over for them.

 

[Protest_again]

The pollution is from your lies.

Please anwer with a credible source that China "let loose" the virus.
How much does the "IT" cell pay you per post?

You are an absolute moron with zero understanding of economics. Stop quoting me. I don't have time to the likes of you.