India’s growth rate declines sharply

The steadily diminishing growth rate of the country speaks volumes about the policies being adopted Mr Modi’s regime in the country. The third quarter growth rate of 2022 is just 4.4 percent. There was no improvement in any sector – manufacturing, GDP, consumption, employment, and export sectors. The manufacturing sector registered a minus 1.1 percent.

The growth rate in the first quarter was 13.5 percent; second quarter it was 6.3 percent and now in the third quarter, it is a mere 4.4 percent. As against the targeted GDP of Rs. 159.71 lakh crore for 2022-2023, it is just Rs 69.38 lakh crore.

As inflation is rising sharply, the government is resorting to rising interest rates that are having a serious bearing on the manufacturing sector. Meanwhile, public expenditure, defence, and other services registered a mere two percent growth rate which was 10.6 percent during the last year.

The fiscal deficit is 67.8 percent with the increased expenditure and diminished income of the central government. Chief financial advisor Mr Ananth Nageswaran said that present GDP growth is expected to be around seven percent but it could be 6.5 percent in the next financial year.

By Gollapudi Srinivasa Rao

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