India’s economy stumbles badly as Narendra Modi begins his second term

New Delhi (CNN Business)Narendra Modi just won a second term as prime minister of India. His most urgent task will be getting the country’s economy back on track.

It also means India has surrendered the title of world’s fastest-growing major economy to China, which grew at 6.4% in the same period.
Modi, who first swept to power in 2014 on promises to revive India’s economy and boost growth, won re-election by an even bigger margin in the latest vote which concluded on May 23.
    Yet growth has eroded over the past three quarters after hitting 8% in the middle of 2018.
    Another set of figures released on Friday revealed that India’s unemployment rate hit 6.1% in the fiscal year ended 2018 — reportedly the country’s highest in over four decades.
    An estimated 12 million young Indians join the workforce every year, and the country needs to grow much faster in order to provide jobs for all of them.
    The mammoth task of reversing the slump will fall to India’s new Finance Minister Nirmala Sitharaman, who took charge of the economy just hours before the growth numbers were released.
    Arun Jaitley, the Modi government’s top finance official in its first term, announced earlier this week that he would step down from the cabinet due to health reasons.
    Sitharaman “faces a delicate balancing act” to jump start India’s economy, Shilan Shah, India economist at Capital Economics, wrote in a note Friday.
    “She is likely to come under growing pressure to loosen policy to support the economy amid signs that growth has slowed,” Shah said.
      India’s central bank, the Reserve Bank of India, has already cut interest rates twice this year in order to boost growth and will likely do so again next week.
      “A third consecutive rate cut now looks a done deal,” Shah added.

      Original Article : HERE ; This post was curated & posted using : RealSpecific


      Recommended PRODUCTS
    • Are you frustrated that your expensive karoke player does not let you play.
    • The Complete Guide To Calling, Emailing, And Texting Men.
    • The Only Safe Way To Exercise And Boost Your Metabolism For Hypothyroidism Sufferers.
    • Learn how you can easily create mobile apps to generate passive income.
    • The scientifically proven way of adding inches of real height at any age.
    • Win at Roulette in the short term and the long term using this roulette strategy.
    • Seven Ways To Profit From Obama's Destruction Of America's Financial System.
    • Discover The 3 Mistakes You Must Stop Making Now If You Want Any Chance Of Getting Him Back.
    • Scans your computer for missing, corrupt, or outdated Windows Drivers.
    • Make Money Online With This Pre-Loaded Wordpress eBook Store.
    • ApeSurvival is all about survival and self-defense products, tips and news.
    • Learn about the solar systems largest planet jupiter predict great red spot transit times
    • Automatically find the best gold strategies in the game in seconds
    • Uniqie and Highly Profitable Trend Following Automated Trading Strategy.
    • Clickbank Ads
       
       


      RELATED PRODUCTS
    • Are you frustrated that your expensive karoke player does not let you play.
    • For Men and Women Looking To Develop A Rounder, Stronger Butt.
    • Dont Let Social Anxiety Control Your Life Any Longer. Start Living.
    • Reveals 1 Unusual Tip To Eliminate Excessive Sweating Forever In 48 Hours
    • Discover 3 Simple But Highly Effective Techniques To Start Healing.
    • Learn how you can easily create mobile apps to generate passive income.
    • Protect Your Family with Parental Controls Download Internet Filter Now
    • Print a lesson a day. Beginner level http://www.abcyoucandraw.com/
    • The Only Safe Way To Exercise And Boost Your Metabolism For Hypothyroidism Sufferers.
    • Seven Ways To Profit From Obama's Destruction Of America's Financial System.
    • Packed full of the info you need for profitable horse racing
    • Build a free viral email list on autopilot and make thousands of others do it for you.
    • Make Money Online With This Pre-Loaded Wordpress eBook Store.
    • The Best RSS Autoblog Tool For Blogger Blogspot Blog.
    • Clickbank Ads
       

      Thank you for taking the time to read our article.

      If you enjoyed our content, we'd really appreciate some "love" with a share or two.

      And ... Don't forget to have fun!

      Recommended

      CoreSEO Agency Elite

      CoreSEO is the one and the only software application that addresses all the optimization requirements that Google has for any website. In fact, it is a total and comprehensive solution for all the SEO updates from Google Updates.

      (2018) VTG 2.0 + SyndLab 25k - qt

      Page 1 Rankings For BOTH Video and Niche Sites Made EASY With Automatic Syndication!

      Leave a Reply