Should PM Modi Be Worried Since India Is No.2 Again?



Nowadays, it’s rare to hear India along with the tag “the world’s fastest growing economy,” and that India is increasingly becoming a destination for investment. But, the latest data on economic growth reveals that the fourth-quarter GDP growth fell to 6.1 percent which is lower than China’s. Well now, India’s not the fastest growing economy in the world.


According to the experts at Nirmal Singh Lotus Green, this is because of the PM Modi’s shocking decision to withdraw 86 percent of the country’s currency from circulation. Manmohan Singh, at the time, had also stated that the move might see a slump in the growth by two percentage points or more, and that has come out to be true



However, what’s more worrying is that since last spring, the growth percentage has declined every quarter. It’s down from 8.7 per cent to 5.6 per cent according to the latest figures. It looks like the problem is not just with demonetization. One of the biggest problems is that nobody is investing. Even after the speeches about how India is the World’s new bright spot, investors and companies have actually not followed up with the money. Investment now is below 30 per cent, which has been shrinking since last year now.

Also when the banks are ready to lend money, there are only a few takers of such funds. Companies now complain that the real interest rates are too high, and what’s more worrisome is that the government also hasn’t worked towards eliminating the doubts of investors who have been dismayed before in the past.

According to experts at NirmalSingh Lotus Green, the government’s greatest faults have been a lack of focus, misplaced priorities and a shortage of ambition. Mr. Modi believed that simply being a competent manager and an investment-oriented marketing man will be sufficient to propel India’s growth, but he has indeed fallen short.

Even though the opposition is in disarray at the moment, PM Modi should understand the consequences of the situation and this should act as a wake-up call. He needs to start working real structural reforms immediately otherwise this might lead to irrevocable damage to his own image, and the country’s image as well.



Location: New Delhi, Delhi, India

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