NEW DELHI - The Indian economy, which contracted by 23.9 percent in the first quarter this year on the back of a stringent lockdown that led to job losses and drove down consumption, is in even bigger trouble latest growth figures showed.
The prediction by analysts is that India, once seen as a global economic driver, would continue to lag behind other economies. She predicts a stimulus push later in the year which may include"short-term boost for consumption, including cash transfers and a"medium-term push towards investments". The federal government, keen to push economic growth, has said state governments cannot impose lockdowns without federal consent even as India remains among the third-worst hit countries with 3.77 million cases.
Workers in cities between 18 and 25 years old were already less likely to be in formal jobs and more likely to be employed informally and paid less, wrote Ms Shania Bhalotia, Ms Swati Dhingra and Ms Fjolla Kondirolli, the authors of the LSE report.
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Source: The Straits Times - 🏆 8. / 63 Read more »