Slow Improvement(September 02,2022)

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Slow Improvement

Fiscal authorities should spur consumption and investment to aid faster recovery



The current economic situation of our country is improving but not at a good or expected pace. According to the current GDP estimates, our country is progressing but in reality, it's not in a good position and there's not even a reason for cheer. The NSO's projection of 13.5% growth is disconcertingly slower than the 16.2% pace that the RBI had projected last month. And the report is indicating that our economy is still in search of a firmer footing. The situations like global recession and the Ukraine war may be pitched the economy into a shallower growth that erodes consumer confidence. In fact out of the 8 broad sectors that combine to provide the Gross Value Added (GVA) explained that only two sectors logged expansions from January to March quarter by 12.6% and 23.7% but the major employment sectors like agriculture, manufacturing, construction, and the contact intensive trade etc suffered the quarter contraction of 13.3%, 10.5% 22.3% and 24.6% . Both the government spending and gross fixed capital formation which is viewed as a proxy of private investment shrank quarter on quarter.GDP infact contracted 9.6 % sequentially should be a cause for concern for policymakers..So. The government of our country should spur consumption and investment to aid faster recovery from the current situation which is impeding our economic pace.
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