Indian EconomyImage Credit source: Representative Photo
India’s GDP figures are going to come on Wednesday i.e. today. GDP figures can be seen at 5 percent in the March quarter, which is better than the same period last year. Apart from this, this figure was seen at 4.4 per cent in the December quarter. According to experts, due to increase in urban demand and increase in government expenditure, an increase in the estimated GDP data is being seen. The kind of forecast made in the Reuters poll is based on the strong performance of the travel and retail sector, the decline in food and oil prices at the global level.
RBI has given warning
Earlier, the Reserve Bank of India warned in its annual report that global slowdown, long-term geopolitical tension and instability in the financial market could be negative for economic growth. By the way, before the release of GDP data on Wednesday, RBI has kept the estimated growth rate of 7 percent for the financial year 2022-23. At the same time, some private economists have estimated this growth rate to be up to 6.8 percent.
Wages did not increase even after inflation
During the March quarter, there was an increase in the income of people living in urban areas and there was an increase in expensive cars, Apple phones and air travel. As there was no special performance in many sectors, it can be inferred that last year, COVID-19 had a mild effect on the country’s economy. Due to inflation, agricultural and manufacturing workers did not see an increase in real wages. Due to which motorbike sales, demand for low end consumer products and railway travel remained below pre-pandemic.
Unemployment more than 8 percent in April
Prime Minister Narendra Modi may be popular after nine years in power, but the Bharatiya Janata Party lost assembly elections in Karnataka this month after the opposition Congress promised subsidies for families hit by inflation and unemployment. General elections are going to be held in the beginning of the year 2024. At the end of this year, assembly elections are also going to be held in about 4 to 5 states. According to the Center for Monitoring Indian Economy, the lack of well-paying jobs remains a major issue among the youth, as the unemployment rate rose to 8.11 per cent in April and the workers workforce continues to grow.