Here's Why FM Sitharaman Is Soothing Economic Worries
- 3 years ago
These announcements come after India’s economic growth was reported at a five-year low of 5.8% in the Jan-March quarter. There have also been worrying reports of job losses and slowing consumption demand in various market segments. Around 5 lakh job cuts were reported in the automobile sector alone just a few weeks ago. India’s largest biscuit manufacturer, Parle-G, may lay off as many as 10,000 workers due to a sharp decline in consumption demand, the company said.
High prices for raw materials and additional state and central level taxes have pushed the textile sector to its worst crisis in a decade, the president of the North India Textile Mills Association said.
Gujarat’s diamond cutting and polishing industry also cut 15% of its workforce due to slowdown in demand and a liquidity crunch. The men’s underwear market segment has also reported a slowdown in consumption demand, thereby suggesting that the ripple effects of an economic slowdown are widening at an alarming rate.
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High prices for raw materials and additional state and central level taxes have pushed the textile sector to its worst crisis in a decade, the president of the North India Textile Mills Association said.
Gujarat’s diamond cutting and polishing industry also cut 15% of its workforce due to slowdown in demand and a liquidity crunch. The men’s underwear market segment has also reported a slowdown in consumption demand, thereby suggesting that the ripple effects of an economic slowdown are widening at an alarming rate.
Like our work? Click here to support The Wire: https://thewire.in/support
The founding premise of The Wire is this: if good journalism is to survive and thrive, it can only do so by being both editorially and financially independent. This means relying principally on contributions from readers and concerned citizens who have no interest other than to sustain a space for quality journalism. As a publication, The Wire will be firmly committed to the public interest and democratic values.
We publish in four different languages!
For English, visit www.thewire.in
for Hindi: http://thewirehindi.com/
for Urdu: http://thewireurdu.com
for Marathi: https://marathi.thewire.in
If you are a young writer or a creator, you can submit articles, essays, photos, poetry – anything that’s straight out of your imagination – to LiveWire, The Wire’s portal for the young, by the young. https://livewire.thewire.in/
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