Starting with the fact that there is a lot going on in our country, most of it has to do with mandirs, religion, meat etc, the conversation has largely become isolating, but our focus is to show you a mirror of the issues that impact your life. We want to focus on issues that impact you rather than stories that pick up emotions. And so, we want to ask a question and presently it is about our economy.
The reason why we had to ask this is because our economy is something that affects how we live our life, how much we earn, how much we spend, what our next salary is going to be and what exactly will be our expenses to run our homes. If we talk about the last numbers of the GDP that came in this year, they were recorded as 8.2 for the first quarter. But the rather worrying numbers should not be ignored.
The Rupee, which is our Indian currency, is devaluing drastically against the Dollar and remains 73 or more than that, is at the worst it has ever been. Now, this has a direct impact on the prices of fuel and everyone is very familiar with the soaring price of fuel. It has risen continuosly over the past four weeks, wiping out entirely any tax cut that the governement gave us.
The fuel prices have a direct impact on inflation and the price of food that we eat. Now the wholesale inflation growth, or WPI came in at 5.2 % in September this year which was up from 4.3% recorded in August this year. This seems to be well outside the comfort level of the governement of our country.
The RBI's industrial outlook survey found out that the manufacturers are expecting the cost of raw material to rise as well. Now this will lead to higher selling prices and that will eventually lead to the RBI increasing the interest rates in the future. This is a serious concerns also.
The above mentioned scenario will have some more serious concerns such as bad loans in our public sector banks. 26 banks, all together have now 7.3 lakh crore rupees that they are unlikely to recover. These banks will receive a bail out from the government of India which is effectively our money that was to be used on roads, hospitals, education and welfare.
A recent report by the Azim Premji University Center Of Sustainable Growth said that the growth of GDP has not resulted in the growth of jobs in our country. Further the report suggest that between the year 2013 and 2015, the total employment in our country shrank by 7 million and ever since there has been continuous decline in jobs. Last but definitely not the least,
Our stock market has seen a worrying decline in September so much so that nearly 4700 points have gone down since then. Now there is a lot of conflicting numbers.
We are all aware that the statistics can be bent anyway we chose to. But the major question that arises is this- IS OUR ECONOMY IN SERIOUS TROUBLE?