KINDLY PROVIDE ME YOUR INSIGHTS ON THE STATEMENTS BELOW REGARDING THE GDP INCREASE AND GDP

DECREASE IN INDIA.

GDP increased in India :

• India's GDP grew by 8.95% in 2021, up 15.54% from the previous year (Piyush, 2022).
• With an average annual increase in the gross domestic product of 5.5% during the previous ten years, India's economy already ranks among the fastest-growing in the world. Three megatrendsglobal offshore, digitalization, and the energy transitionare already paving the way for previously unheard-of economic growth in the nation of over 1 billion people ("India's Impending Economic Boom", 2022).

GDP Decreased in India :

• For the most recent fiscal year that concluded in March 2021, the Indian government published its most recent estimates of GDP growth. The GDP of India decreased by 7.3% in the years 2020-21 (Misra, 2021).

This is bad news for firms and employees since it means that the economy is contracting. A recessionwhich can result in wage freezes and job lossesoccurs when the GDP declines for two consecutive quarters

According to me, the reason behind these changes is just the time period of the pandemic. Covid-19 had a huge effect on the economy of each country.

References:

Piyush, (2022, December 20th). India's GDP Growth Rate: Economic Growth & Its Future Forecasts. Current Affairs.https://currentaffairs.adda247.com/indias-gdp-growth-rate-economic-growth-its-future-forecasts/

India's Impending Economic Boom, (2022, November 8).Morgan Stanley. https://www.morganstanley.com/ideas/investment-opportunities-in-india

Misra, U. (2021, August 31). Explained: India's GDP fall, in perspective. The Indian Express. https://indianexpress.com/article/explained/india

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