Economic Slowdown, Pandemic and Uncertainty : Challenges of India

The Indian Economy is going through a phase of economic slowdown as GDP growth of the last quarter of FY 2019 was registered 5.8 percent. The GDP growth of the first quarter was predicted to go below 5.8 percent. Automobile, Textile, and Real State sector were struggling because of the less demand. Jobs were cut down in those sectors, leaving a lot of people unemployed. The Progressive outbreak of COVID-19 Pandemic led to the lockdown of all major economies in India with limited movement of goods since March 2020. The Pandemic's global economic crisis has moved into a phase of recession with a more severe impact than the Financial crisis of 2008 and the Great Depression of the 1930s. The Stagnation in import and export and disruption in the supply chain had a severe impact leading to an increase in unemployment and lowering of aggregate demand. This is one of those times when India will see a sharp rise in the economic situation and soon emerge out as a major power. Agencies like McKinsey and BCG have recently started tracking Indian economic conditions deeply and believe it to be an extremely progressive one