The year 2019 was very volatile in terms of economy. This year, the slowdown in the world economy had an impact on the country's economic growth. Our economy has been in the limelight this year due to the slippery pace of GDP growth, a steep decline in industrial production and an increase in retail inflation in the last 2 months of the year. According to analysts, this year has seen pressure on the economy due to the impact of Global Slowdown and overhauling of the country's economy. However, slow growth has hit the target of making the country's economy $ 5 trillion in the next 5 years.
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Experts hope that from the second half of the next financial year, the pace of economic growth will be back on track and will help in achieving a sustainable growth rate. The government took a number of important measures, including a reduction in corporate tax, to get the sectors under pressure out of lethargy. Let's know what were the main events related to the country's economy this year and how the government continuously tried to handle the situation.
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Slow GDP and rising inflation DK Joshi, the chief economist at rating agency Crisil, said that this year GDP has gone down and inflation has gone up. GDP growth rate has come down significantly. In that sense, this year has been very uneconomical. The condition of the economy has weakened further due to the ILFS crisis. The financial sector is called 'lifeblood'. He said that the recovery will begin with the financial sector recovering. Recovery will be very slow. Industrial production is currently negative, the import is negative. However, recovery seems to be occurring. The impact of the reduction in corporate tax will not be seen very soon.
Speed of GDP growth so far In the first quarter of the year i.e. January-March i.e. the fourth quarter of the financial year 2018-19, the GDP pace decreased to 5.8%. Earlier, in the last quarter of the financial year 2017-18, the pace of economic growth of the country was at a high level of 8.1%. From here onwards, the pace of economic growth was continuously reduced every quarter. During the first quarter (April-June) of the current financial year, the pace of GDP growth came down to 5%. Thereafter, GDP growth slowed further to 4.5% in the September quarter. In this way, the country's GDP growth came down to more than 6 years.
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