Despite global challenges, India’s growth rate is encouraging

There is no doubt that despite the adverse conditions, the figures of the country’s economic growth rate are continuously coming out encouraging. The special thing is that with the figures of the first quarter of the current financial year being better than expected, they have been more than all the four quarters of the previous financial year. All this is when the countries of the world are still going through an economic crisis. The condition of neighboring Pakistan is getting worse and worse, while the economy of other countries is also struggling with the situation. In fact, the agriculture sector has been emerging as a big support. However, the coming quarter cannot be considered favorable for the agriculture sector because the monsoon seems to be deceiving in the country. Monsoon figures are coming in disappointing for most parts of the country. It is well known that the Kharif crop is almost completely dependent on the monsoon and the way the monsoon has shown indifference in the month of August has brought disappointment in the agriculture world. According to meteorologists, the signs of monsoon are coming in the month of September as well. The line of concern is clearly visible on the forehead of the farmers. Now the government has also become worried due to the indifference of monsoon.

In fact, the agriculture sector becomes important in the sense that most of the employment opportunities in the country come from the agriculture sector, so the agriculture sector has given great support to the Indian economy. During the Corona period, the relief that the agriculture sector has given not only to the economy but also to the people of the country, especially the poor, has been incomparable. Even today the godowns of the country are full of food grains, so at least the country is free from food grains. Although challenging times have come for the agriculture sector, everyone has faith in the hard work of the food provider of the country. In fact, the figures released by NSO for the first quarter of the current financial year are encouraging. As per the data released, the value addition in the agriculture sector stood at 3.5 per cent in the June 23 quarter, which is much higher than 2.4 per cent in the same period a year ago. These results have been possible only with the overall efforts. Overall, the April-June quarter GDP growth rate has been 7.7 percent, although despite initial estimates being below 8 percent, there are clear signs of the economy moving in a positive direction.

If seen, there has been a good growth rate in the real estate, finance and service sectors during this period. Now with the commencement of the festive season in the country, it is believed that till December, the country’s economy will be in a state of full swing. If the demand increases in the market, it will lead to a boom in the economy in both production and distribution sectors. If the traders are to be believed then the market will be more buzzing in the festive season and the economy will get wings. However, the effect of indifference of monsoon can also be seen. In such a situation, sectors other than agriculture will have to give better results so that the rate of economic growth can be maintained. It is a matter of concern that in the first quarter there has been a slowdown in exports and manufacturing. In such a situation the challenges become more.

However, it is believed that despite the indifference of monsoon, the economy should not be affected much because the government has made planned efforts for farming and by expanding irrigation facilities, crops can be saved. However, this is only a temporary solution as it cannot be denied that monsoon definitely affects the economy. Only efforts can be made to reduce that effect. The effect of the global food crisis is clearly visible in the countries of the world. The export of wheat and rice from our side has also been discouraged. The countrymen have seen new heights of tomato prices in the past. I have seen tomatoes crossing 200 and ginger touching the figure of 400. There is a rise in the prices of almost all the food items. The rise in day-to-day expenses, especially kitchen expenses, is becoming a cause of concern.

Even though our economic growth rate has not only stabilized but is increasing. But the reasons for concern remain the same. It would be dishonest to expect more from the situation which is being seen at the international level. But the positive results that are coming in the field of economy will be considered positive only because the condition of the world is as it is. Where the preparations for the elections are going on in the country, new circumstances are going to come from One Nation One Election. Inflation has generally been seen rising after the elections, and on the other hand, if we look at the situation abroad, there is no visible possibility of ending the Russia-Ukraine war. If China’s fury is in front, then the economic and political conditions of America and European countries are not looking promising. Amidst all this, the era of natural calamities and terrorist activities continues. In such a situation, there can be no hope regarding the economic condition of the countries of the world in the coming days.

In such a situation, after the better growth rate in the first quarter of the current year, more challenges have come to the fore because monsoon, elections, festivals and other reasons will be challenging for the economy in the coming days and in such a situation, we have to be careful from now on. So that the level of growth rate can be maintained. This will be a big and serious challenge before the government and economists.

-Dr. Rajendra Prasad Sharma