Short Communication
Year: 2019 | Month: September | Volume: 6 | Issue: 9 | Pages: 318-321
Confronting the Economic Slowdown in India
Mr. Joshua Solomon D
Assistant Professor, Department of Economics, Madras Christian College (Autonomous), Affiliated to Madras University, Tambaram, Chennai – 600 059
ABSTRACT
India is one among the very few economies which has an enormous potential for growth. However, in the past two years there has been a dwindling in the growth rates. With a potential to grow yet having a slowdown when India is enjoying the demographic dividend stages of its population growth is very alarming as a prolonged slowdown will result in job losses aggravating the scenario further. The growth rates of Gross Domestic Product and the sectoral growth rates of Gross Value Addition done to our economy by various sectors are seen to circle down exactly in which period and which sectors dwindling caused this sluggishness in our economy where, the consumption demand has declined provoking the investments to come down. The current slowdown is experienced right from the onset of 2018-2019 fiscal year, the sluggishness is due to the slowing of Agriculture, allied activities and the manufacturing sector. With the government throwing a flurry of reforms to revive the economy in the recent days, possible policy suggestions which may further be done to revive the sectors which have reported a decrease in sales and to boost other sectors which have shown signs of underperforming given the resources they are vested with, are put forth. Given the complex economic structure of India which has several informal sectors which are hard to be addressed, the implementation of these reforms can help India come out of this current slowdown and embark on the growth path it was on in the yesteryears.
Key words: demographic dividend, Gross Value Addition, informal sectors.
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