Is the indian economy slowly declining..!?

india is being touted as the fastest-growing economy in the world. But compared to last year, the growth in certain sectors has decreased and it has been reported that the indian economy is on the way to decline. Jayant Mundra, who provides news related to the indian industry, has indicated this in a post published on his LinkedIn page. For this, he presented eight pieces of data. First, he mentions the decline in car sales in India. According to this, the sales of cars in india in september fell by 19% compared to last year.
Likewise, diesel sales have increased by only 1 percent in the current year compared to last year between april and August. Also, the services Purchase Manager's Index for services fell to 57.7 points in September. He says this is the lowest decline in the last 10 months. Next, the Purchase Manager's Index has seen a decline of 56.5 points in september which is the lowest level in the last eight months, Jayant Mudra mentioned in his post. Stating that the indian economy is in decline, he says that in the first quarter of the current financial year, the rate of disbursement of home loans in india has seen a decline of up to 9 percent. Similarly, the volume of auto loans increased by only 2 percent. GST tax collection has fallen to a 40-month low of 6.5 percent.
 
Exports from india have decreased from 38.3 million dollars in august last year to 34.7 million dollars in august this year. The index of industrial production, which monitors the output of 8 major industries including coal, oil, and electricity in india, is negative for the first time in the last three years in August. So all this points to the slow decline of the indian economy, he says. He has also responded in his post to how only the direct tax collection to the central government has increased. He says that a large share of the money earned by the people goes directly to the government through taxes instead of going to industries sales organizations or markets. Many people have posted feedback for and against his post.
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Sowmiya Sriram

24/10/2024 09:14 AM