The automobile sector is in a crisis, onion prices are skyrocketing, private investment is stagnant and exports haven’t picked up pace. According to the Central Statistics Office, these factors have led to an economic slowdown and the GDP growth rate for the second quarter of 2019-20 is just 4.5%.
News18 reports that this is the lowest growth rate since the fourth quarter of the financial year 2013. The Economic Times reports that the government has cut corporate taxes, merged banks and given a boost to privatization to revive the economy.
— majid patel (@Majidpatel12) November 29, 2019
Business Standard quoted Finance Minister Nirmala Sitharaman saying,
“Every step being taken is in the interest of the country. Looking at the economy in discerning view, you see that growth may have come down, but it is not a recession yet and it won’t be a recession ever.”
However, Twitter is not convinced. With the Nominal GDP growth at a decade low of 8%, hashtags like #GDPkeBureDin and #EconomicSlowdown are trending. People are lamenting the crisis with jokes and memes.
— Baba MaChuvera (आत्मनिर्भर वाले) (@indian_armada) November 29, 2019
— Atmanirbhar Bruce Wayne (@Nama_gram) November 29, 2019
— Bruce_Wayne (@M__Dark_Knight) November 29, 2019
— Santosh Diwate (@diwate_santosh) November 29, 2019
— Isolated khopda (@roflchopra) November 29, 2019
— अंकित भारती ❁ (@Iankitbharti) November 30, 2019
BJP ke Achchhe Din =#GDPkeBureDin
— Rohan Gupta (@rohanrgupta) November 29, 2019
If Mr. India is remade in 2019, the character will be called "Vikas"#GDPkeBureDin
— Yana Mirchandani یانا میر (@MirYanaSY) November 29, 2019
PM Modi: How's the recession?
Nirmala Sitharaman: Very HIGH Sir!#GDPKeBureDin
— Sandeep kishore 🇮🇳 (@sandeepkishore_) November 29, 2019
— Savagestar (@Savagestar3) November 29, 2019
Modi : How's the GDP?
Nirmala : Low, Sir#GDPkeBureDin
— Banglar Gorbo Mamata #BGM (@BengalBachao) November 29, 2019
— Gandhi Mukesh Agarwal (@Mukesh4INC) November 29, 2019
We hope that the RBI announces interest rate cuts and the government implements measures to improve the growth rate of the economy.