Thread by @zules7172

Q. What are fundamentals of economy?

A. GDP growth, unemployment rate, inflation rate, fiscal deficit of the govt, savings & investment rates in the economy, the domestic currency’s relative value against the US $, external debt, level of poverty & inequality, etc...

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India's falling #GDP growth in last 5 yrs

FY16-17➡️7.04%
FY17-18➡️6.12%
FY18-19➡️5.02%
FY19-20➡️4.2%
FY20-21➡️-7.3%

FY21-22 GDP growth forecast➡️8.3%

That means, India’s GDP growth over the 2 yrs (FY20-21 & FY21-22) to remain 0.50%

Strong fundamental of economy🤷‍♂️

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#UnemploymentRate was at a 45-year high in 2017-18.

As against the norm of 2%-3% unemployment rate, India started routinely witnessing unemployment rates close to 6%-7% in the yrs leading up to Covid. The pandemic made matters worse.

Strong fundamental of economy🤷‍♂️

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India is facing high and persistent #InflationRate and is witnessing inflation trending consistently above or near the RBI’s threshold since the last quarter of 2019. That's the reason why RBI is holding the rates in its credit policy

Strong fundamental of economy🤷‍♂️

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In 2019, India’s slowing economy took a toll on savings. #SavingRate touched a 15-yr low.
It plunged further due to pandemic as people used their savings.
The falling income impacted domestic consumption, which accounts for 60% of GDP.

Strong fundamental of economy🤷‍♂️

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In 2019, the UN estimated that the number of poor in India were about 364 million

In 2020, around 75 million people from middle income group fell into #Poverty

So in 2020, poor population increased to 439 million & will worsen more

Strong fundamental of economy🤷‍♂️

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The rising divide between haves & have-nots was already a contributor to the unrest.
The pandemic further ravaged the economy & destroyed livelihoods. The rich got richer & poor became poorer. The #WealthInequality will worsen more.

Strong fundamental of economy🤷‍♂️

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India's #CreditRating according from three international credit rating agencies (Sept 2021)

S&P and Fitch kept credit rating at BBB- and Moody’s kept credit rating one step closer to junk at Baa3 (second time in a row)

Strong fundamental of economy🤷‍♂️

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#Investment

The automakers bid adieu the country of the Indus.

UM Motorcycles
Eicher Polaris Multix
MAN
Cleveland Motorcycles
Ssangyong Motor Company
General Motors
Fiat
Harley Davidson
Ford

Strong fundamental of economy🤷‍♂️

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FY21-22, the GOI to borrow ₹12.05 lakh crore from the market

Aug 2021, #FiscalDeficit stood at ₹4.68 lakh crore or 31.1% of the Budget estimates

Mar 2021, India’s external debt US$ 570 billion

Oct 2021, Rupee above 75 to a US $

Strong fundamentals of economy🤷‍♂️

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Indian banks could have more than ₹10 lakh crore GNPAs by March 2022. NPAs are expected to rise to 9% by March 2022, driven by slippages in retail, MSME accounts, besides some restructured assets,
ASSOCHAM and Crisil report.

Strong fundamental of economy🤷‍♂️

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The fact is - before #COVID19 was even declared a global pandemic - the fundamentals of the Indian economy were already quite weak - the pandemic added fuel to the fire - wait for the after effects !!!

Last but not the least - a few Fundamentals of Democracy in below tweet 👇

India ranks 139th out of 149 nations in World Happiness Report 2021

Largest Democracy to Electoral Autocracy (23% point drop on 0-to-1 LDI)in The Liberal Democracy Index scale 2021

Free to Partly Free (67/100)in The Freedom In The World Report 2021

Fundamentals Of Democracy🤦‍♂️

Question is: Which way India is going, forward or backward?

Question is: Who is behind this progress or destruction?

Question is: Who are we competing with, developed countries or under developed countries?

Question is: Who is speaking truth and who is lying?

#ThinkIndia