How to stop the decline in India’s economy
India’s gross domestic product (GDP) has shrunk by almost a fifth in the past two years, according to a new report by the Organisation for Economic Co-operation and Development.
The government has announced a series of measures to stem the decline, including a reduction in public spending and a crackdown on tax evasion, but the numbers have remained stubbornly low.
The report, which is expected to be released in coming weeks, is the latest in a series that are also expected to focus on the government’s attempts to address the country’s acute unemployment problem.
The new figures show that India’s GDP fell by 4.2 per cent in the fourth quarter of 2016, and by 6.6 per cent over the previous quarter, according the report.
The drop is partly due to the slowing economy, but also to a lack of infrastructure investment.
India’s economy has been hit hard by a combination of a global financial crisis, a government-led currency devaluation and the countrys slow recovery from the 2008-09 financial crisis.
The country has also struggled to build a functioning and efficient national healthcare system, which has led to long wait times for treatment and poor quality services.
As the government tries to stem its decline, the latest figures from the Indian Statistical Institute (ISI) show that the country has not reached its potential.
The institute says the current GDP growth rate of 5.5 per cent was the slowest in the world in 2016.
The ISI report also says India’s per capita GDP growth in the last two years has been only 1.9 per cent.
Despite this, the government is investing billions in infrastructure projects, particularly in the capital cities.
But this investment is mostly in the form of new roads and rail projects, not more jobs and infrastructure projects.
India, in its latest annual report, said it had invested over Rs1 trillion ($1.8 trillion) in infrastructure in the first nine months of the year, with the government planning to spend about Rs800 billion ($1,400 billion) in the same period.
The report also said that the government had invested Rs8 trillion ($13.4 trillion) into its national pension fund.
It has also increased the retirement age to 67 from 65, but is not investing any money in pension schemes.
India is facing severe economic problems.
Last year, the Reserve Bank of India (RBI) cut interest rates to record lows, causing inflation to spiral out of control and driving up the cost of living.
The government is currently targeting inflation at around 3 per cent by the end of this year.