India’s economic growth has slumped to 5 per cent, the lowest in the past six-years, in the first quarter which ended in June.There have been many theories that postulate as to why this slouch in economic progress occured, the most popular one is that it occured due to a slower consumer demand and private investment amid deteriorating global environment.
Click here to see the Economic Times’ views on the issue
Here’s What the Hindustan times had to say about the slowdown:
Nirmala Sithraman admits
Finance Minister Nirmala Sitharaman at a recent book launch admitted that India is facing an economic slowdown. She further discusses that the book would be important in answering questions of the slowdown that is now plaguing India.
The catastrophic decision to demonetise currency overnight rendered a blow that broke the spinal chord of India's booming economy.
The only effective remedy now is "DEMODITISATION"#DeMonetisationDisaster#NotebandiSeMandiTak #EconomicSlowdown
— Abhijit Mukherjee (@ABHIJIT_LS) November 8, 2019
The ongoing economic slowdown seems to be "self inflicted
The current slowdown has been the most severe one in the last 20 years said a Centrum brokerage firm report, adding that its impact has been "unprecedented" on both rural and urban demand.#CongressForPeoplesRights pic.twitter.com/aKPjLFeFj2
— All India Mahila Congress (@MahilaCongress) November 5, 2019
Electricity demand drops
Electricity demand drops by 12 per cent for the third straight month causing a deepening worry on the slowdown. A Bloomberg article talks about the this slowdown taken from the data produced by Moody’s investors.
India's Factory Output And Electricity Demand Plunge To Decade Lows Amid Economic Downturn https://t.co/BoX3Ws0vHr
— zerohedge (@zerohedge) November 12, 2019
Reasons for the slowdown
The slump in economic progress has apparently only worsened according to Live Mint. It showcases the various reasons that has affected the economy and why it is important that everybody should worry about the slowdown.
See their article on this here.
➡️Auto industry in reverse gear
➡️Electricity demand falls at fastest pace in at least 12 years
➡️Economic Growth Slumped to 6-Year Low
➡️Ongoing economic slowdown may become entrenched & long-lasting: Moody's
— Syed Maqbool (@maqbool_sm) November 11, 2019