Slowing economy’s impact on businesses
World’s fastest growing economy has been slowing down. Indicators such as unemployment, industry, exports, investment and consumption are declining or growing lesser than before. International Monetary Fund has projected that India would grow at 7%.
January-March quarter of FY19 saw the lowest growth in five years. Government’s deficit is 5.85%, not 3.45%. Private investments are at 14 year low. Unemployment is 45 years high. Joblessness is eating into household savings by 5% approximately. Auto sales have been declining.
Delhi-NCR’s key sectors of growth are automotive, exports, retail and trade. The slowdown will lead to less income for the local businesses, and less investment . It will cause job losses. The government can not turn around the slow down by building more roads and trains. It has to reform and amend the mistakes.