Image by World Economic Forum via Flickr
In the past 15-20 years, India has seen some excellent growth and progression in its economic situation. Current affairs point to continued growth, and has been the second fastest rising large economy. However, there have been a few changes in the past few months that could lead to a dip and cause a struggle for those employed in this country.
It isn’t too big of a surprise that importing/exporting and automobile sales have been on the decline, since the economy worldwide is struggling and many individuals are choosing to buy locally to support their economies. Inflation in India has increased more rapidly than it has in years past, making it more difficult for families to be able to afford groceries, clothing, and other necessities. The Prime Minister of India is trying to take matters into his own hands, especially after suffering backlash from scandal, corruption among the government agencies, and contentment with the current situation. Many residents of India are frustrated with their government, who seems unwilling to make the necessary reforms in an attempt to boost the economy. Such reforms have been seen in the United States, such as tax credits for homebuyers and those who were employed for the whole year, and helped increase the amount of money received on many tax returns. However, without sufficient funds to pay for such programs, it can be difficult to upswing an economy that is spiraling downward.
There is hope that the Indian economy is simply encountering a speed bump in its growth. Some predict that it will turn around, but only time can show what the future holds for those living and working in India.