Private consumption is the biggest engine of economic growth in India. If this component remains weak, sustained recovery in GDP will not be possible. Do you agree? Suggest some measures.
Answer: Private consumption is an essential component of any nation’s GDP. Any growth in private consumption generate demand which stimulate investment to meet that demand and thereby employment growth.
- In India, several restriction and lockdowns imposed during Covid-19 second wave had hit the job market and income of consumers. This has led to fear factors among Indian consumers regarding future leading to decline in private consumption and thereby low private investment.
- Private consumption is the biggest engine of economic growth in India. It accounts for over 55% of all GDP. Thus, if this component remains weak, a sustained recovery in ....
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