As per a Forbes report, the state of the Indian economy in 2020 is the worst it has been in the last 42 years. As per the report, a projected 7.5% rate is the worst since 1978.
As per an India Today report, the second quarter of the year 2019-20 was the seventh consecutive quarter that saw a downward spiral of the Gross Domestic Product. In fact, the GDP fell to 4.5% in the second quarter (July-September) of the year 2019-20.
This data is further supported by the Forbes’ report, which indicates that the government’s limited efforts to clean up the Indian banking system and the poor roll-out of GST had far-reaching effects on the economy. Of course, the most harmful effect on the Indian economy has been the ill-executed demonetization scheme.
As Indian continues to grapple with a controversial Citizenship Amendment Act, it appears that India may be moving backward in terms of both – socio-political reforms and economic growth rates.