New Delhi: The government is constantly receiving negative news about the economy. International institutions are downgrading India's growth rate estimates, bypassing the government's claims. Global company Goldman Sash has also joined this episode. According to Goldman Sachs, India's growth rate can go below 6 per cent. The report also said that the current economic crisis is bigger than in 2008.
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Goldman Sachs has called the decline in consumption a big challenge, but the non-banking finance companies (NBFCs) have blamed it for the crisis. It has said that consumption began to decline even before IL&FS's payment crisis. In fact, many people have attributed the NBFC crisis to the slowdown in consumption. Let us tell you that the NBFC crisis started in September 2018. At that time, the first payment crisis at IL&FS came to light.
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Thereafter funding for consumption from these institutions ceased. Prachi Mishra, chief economist at Wall Street by brokerage company Goldman Sash, said consumption has continued to decline since January 2018. While the omission from IL&FS is a matter of August 2018. So, it is a very old thing. The decline in consumption contributes one-third to the decrease in overall growth.
In a program, Prachi said that at present there is softening situation and growth figures have come down by 2 per cent. However, Prachi expected economic growth to pick up in the second half. The reason behind this has been attributed to the cheap monetary policy of RBI. Due to the poor economic condition, the opposition is constantly attacking the government.
