11-11-2019published_dt 2019-11-11T19:52:13.629Z12-11-2019 01:22:13 IST
2019-11-11T19:52:13.629Z11-11-2019 2019-11-11T19:52:13.629Z - - 28-05-2020
There is anxiety all over about the economic slowdown in the country. While the government persists in denial mode, data flowing out into the public domain show that sector after sector is staring at a seriously challenging situation. Consumption has contracted and is at an 18-quarter low of 3.1%; rural consumption is in a deep southward dive and is double the rate of the urban slowdown; credit off-take by micro and small industries remains stagnant; net exports showed little or no growth; GDP growth is at a six year low with the first quarter of FY20 registering just 5 percent. Unemployment is at a 45 year high. The political leadership of the government, however, is yet to show signs that it has come to grips with what ails the economy. Much less evidence is available to believe that it has a strategic vision to address the challenges.