Except the federal government acts quick, India faces deep, structural financial issues –

Unless the government acts fast, India faces deep, structural economic problems

Covid-19-induced lockdowns had been anticipated to take a toll on India’s financial system, like anyplace else. However the first-quarter GDP numbers paint a a lot grimmer image than anticipated.

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After the federal government’s information confirmed that India’s financial system contracted by a report 23.9% within the June quarter, former central financial institution governor Raghuram Rajan set the alarm bells ringing. Evaluating India to 2 different main virus-hit international locations like Italy and the US, Rajan warned that India’s “numbers will most likely be…

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