How CHINA defeated INDIA again in GDP growth:-
As we all know that how India GDP growth decreased to 5%
after the economy slowdown we are facing and because of only this our neighbor country
again defeated us to become largest growing economy of world. it is a great
concern for us that how after the huge loss bearing in trade war between CHINA
and US they are still successfully managed there economy to become the world’s
largest growing economy.
After the official data come in scene we have seen that how India
is growing with 5% GDP growth in is 6 year low pace. Here I am talking about
china only because to compare that how they are managing the growth after the
great problem facing by them.
Everybody must heard about the 5 trillion economy that is
raised by our government to achieve it till 2030 but after seeing the current
situation it becomes very hard to achieve that or we can say it is next to
possible.
Now talking about GDP growth that how it matters a lot for
any country we have to understand first about the GDP growth and that is the
aggregate of all the process and steps taken towards the betterment of the economy
but after decreasing the growth rate of GDP rate it becomes cleared that
something is not going well or there is deficiency of management.
Comparatively, China which is a much larger economy than
India, had recorded a GDP growth of 6.2 per cent during the April-June quarter.
With the subsequent decline in GDP growth, India has fallen badly to behind its
neighbor in terms of economic growth. India had already lost its title of the
world's fastest growing economy to China in the previous quarter when its
economic growth slowed to 5.8 per cent compared to CHINA growth of 6.4 per
cent.
The economies of India and China have grown rapidly over the
past couple of decades, but a worrisome combination of development challenges
and global trade tensions pose a threat to their economic outlook.
As of 2019, China and India are 2nd and 7th largest
economies of the world, respectively, as per the World Bank's latest GDP
rankings. Among Asian countries, these two emerging economies together
contribute more than half of Asia's GDP.
The economic slowdown is likely to spoil India's hopes of
becoming a $5 trillion economy in GDP terms by 2025.The economic downturn has
particularly hit auto, manufacturing and
real estate sectors. The less-than-anticipated GDP growth rate puts further
pressure on the Modi government to announce meaningful reforms that can bring
back the economy on growth trajectory.
According to some of the economist it is found that if it
remains the same growth of 5% it will become dangerous for many private sector
companies to survive on the market like we have already seen that how auto
sector and other manufacturing sector is badly affected and not only the
economy is facing the consequences but also the unemployment rate is increasing
very fast and we all know if there is no job people will start consuming less n
less and ultimately it harm the economy. So for this there is need of
management of some of the policies and also there is need to reform the whole
process for the betterment of economy.
Prior to announcement of GDP numbers, Finance Minister
Nirmala Sitharaman on Friday announced its second of the three-part stimulus,
merging 10 public sector banks into four with a view to boost credit to help
revive the economy.
Time has come to take it seriously and take step towards it.
Comments
Post a Comment