India’s GDP growth, economic growth, and unemployment rate all show positive trend
India’s economy, which grew by 7.9% in the third quarter of this year, was the slowest on record and the unemployment rate was at a four-year low of 14.2%.
The central bank, which has been tightening monetary policy, has been signalling a more moderate stance, but this has not been enough to ease the pressure on the economy.
Read moreThe slowdown in economic growth has had a huge impact on the unemployment and income statistics.
While GDP growth slowed to 7.8% in December, the unemployment figure was revised down to 15.1% from 15.4% in November.
In terms of real gross domestic product (GDP), India’s growth rate slowed to 5.3% from 5.7% in 2015.
In comparison, the US grew by 4.6% in 2016, while India’s was 2.7%.
While economic growth in India has slowed down since 2015, the overall unemployment rate is still higher than in most of the countries in the BRICS.
In India, the rate is 6.4%.
While India’s economic growth slowed from 7.6 to 7%, the government has been able to slow down the rate of inflation to 7% from 8.2% in some quarters.
According to the government, the inflation rate is currently 2.3%.
However, some analysts have questioned this figure, pointing out that the central bank is likely to raise interest rates soon.
Source: Google News