India’s economic growth is slow and uneven, according to a new study from the International Monetary Fund and other experts.
In India, the country’s top five economies, gross domestic product per capita is only 5.9%, compared to the world’s median of 15.6%.
The study finds that the country is the slowest in Asia, where growth has averaged 2.5% a year in the last two decades, and has lagged behind other emerging economies in other areas such as manufacturing, energy, finance and trade.
In the past, India’s growth had been driven largely by the construction sector, but the government is now trying to revive the industry by increasing subsidies to companies and investing in public-private partnerships to boost manufacturing and export.
The IMF study, which was released in March, is based on data from a survey of 5,000 Indians and their economic experiences.
India has the world top two per cent of population and one of the world two per per cent.
But India’s rate of growth has been slower than the world average for three decades.
Its average GDP per capita was 6.1% in 2020, according the IMF.
India’s economy grew by an average of 0.7% a decade, according a report released in January by the World Bank.
That rate is far slower than that of its Asian neighbors, such as South Korea, Taiwan and Singapore.
It also is lower than China, which averaged 2% a years.
The data suggests that India’s low growth rate has been caused by several factors, including high public debt, high levels of corruption and a high percentage of the population living in rural areas.
India’s GDP grew by 2.1 per cent in the three years to 2020.
That was more than double that of China, whose average growth rate was 1.4%.
India has been a major beneficiary of the global financial crisis, but it has been slow to recover.
The world’s third-largest economy has been stuck in recession since late 2009.
It is still mired in a massive debt crisis, with about one-third of households owing more than $2,000.
It has also struggled to revive its manufacturing sector.
A key issue is that India has no reliable export base, which is why the country imports most of its goods.
The country imports around 85% of its products, according ToM data.
As a result, the government has made efforts to make up for the economic shortfall.
It cut subsidies to industries such as steel, cement and steel mills, and increased subsidies to agricultural industries such like sugarcane and cotton, among others.
In 2017, the Government of India cut the rate of income tax for the top 1% of earners by one percentage point to 5% from the current 12%, and extended its benefit for higher-income earners from 1.9% to 2.2% a month.
But it has not increased the standard of living for those in lower income brackets.
The government is also considering raising the retirement age for those earning over 65, which would mean an extra $1,000 for every year over 65.
The Government of Pakistan, which has the second-highest GDP per head, has had one of its worst economic times since its independence in 1947.
The average annual growth rate in the economy for the past 10 years has been about 0.8%.
The IMF said in the report that India is the second poorest country in the world to reach a fiscal surplus, with an annual deficit of about $1 trillion.
The IMF is also questioning India’s commitment to a stable financial system.
The study found that the Government has taken steps to reduce its financial vulnerability, but there is little evidence of the government actually implementing them.
The bank also said the Government’s financial reforms are too slow.
“Overall, the outlook for India’s macroeconomic and fiscal position is uncertain.
It remains unclear how far the country can advance towards full recovery,” the IMF said.
The Reserve Bank of India, India, said on Wednesday that the economy is likely to grow by 0.5 per cent to 0.6 per cent this year and by 1.5-1.7 per cent next year.
The Reserve Bank also said inflation is likely lower than its forecast.
With the IMF’s report, the Reserve Bank has made a commitment to the government to speed up reforms and has also launched a two-day policy review.
This year’s budget is expected to focus on improving public-sector investment, reforming the tax system and raising revenue, said a statement from the Reserve Board.
Analysts expect the Reserve Banks interest rate to stay at its current low of 0%.
(Editing by Manish Kumar)