Today is perhaps one of the worst days for Indian economy, since the GDP (gross domestic product) growth figures have plummeted to its lowest in last ten years–5% in FY 2013. This is not encouraging figure certainly. The impact was apparent in the stock market which reacted to the GDP numbers and fell by 450 points. Contributing to the woeful economic environment is the continuous decline of rupee against the dollar.
But the question is how a common man is related to the declining figures of the GDP. To make it simple, all of us are related to GDP and will bear the brunt for the pathetic GDP numbers as a shared responsibility through the poor job ratio, slow business growth, less progress, less spend by govt on welfare schemes. In other words, we–as Indians–worked less to produce less. The agricultural, industrial production was low during FY 2013.
But it does not mean that we worked less. It has a flip side. It also means that there was less demand for the goods we produced. Thus, it resulted into low production. In any case, the growth of the country has decreased, allowing counterparts such as Thailand (wherefrom Prime Minister Manmohan Singh has just returned), Philippines, Brazil, China and Russia which are able to sustain their GDP growth.
Please share your thoughts and reaction to the laggard GDP growth.