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Indian Economy Push and Pull Approach of Growth

Journal: International Journal of Trend in Scientific Research and Development (Vol.5, No. 2)

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Authors : ;

Page : 557-559

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India is the homeland of one sixth of the global population having geographical land area of about two percent of global land and generating about 3.3 of global domestic production, which in itself presents complex phenomenon of asymmetric distribution of natural resources and its impact on domestic production. The situation becomes much graver when India is ranked 74 in the list of 113 major countries in terms of food security index, whereas India is having massive food wastage of around 14 Billion approximately rupees one lac crores on annual basis as estimated by the Food and Agriculture Organization of United Nations, reflecting on the poor management of food basket within the country despite having poor food security index. According to the United Nations Millennium Development Goals MDG programme,88 million people out of 1.3 billion Indians, roughly equal to 6.7 of Indias population, lived below the poverty line of 1.25 in 2018–19 and those above the poverty line live a fragile economic life. According to World Bank Reports 10 of the global population is poor having less than 1.90 income per day. The Oxfam Report of 2020, “Time to Care “further reflects on the skewed economic resources within a negligible section of populations where India's richest one percent owns 42.5 of the national wealth whereas only 2.8 percent of national wealth is shared by 50 of the population on the bottom of the pyramid. This is despite the fact that India is one of the fastest growing economies and poverty is on the decline in the country with close to 44 Indians escaping extreme poverty every minute as per the World Poverty Clock. World Bank has further estimated that 40 to 60 million people will fall into extreme poverty extreme poverty in 2020 compared to 2019 due to Covid 19 triggered economic shocks. The impact of Covid 19 is clearly visible on Indian economy, which contracted by 23.9 percent on year on year basis during first quarter of the financial year 2020 21. Incidentally this quarter has faced the full blown impact of Covid 19 in the form of lockdowns, lack of testing and medical facilities, large scale workforce migration and emergency response from the governments to tackle the unfolding socio economic scenario for managing the subsistence needs of the vulnerable sections of the society. The second quarter of 2020 21 has post sharp improvement with 7.5 percent contraction against 23.9 percent in the previous quarter. Shiv Bajrang Singh "Indian Economy - Push and Pull Approach of Growth" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: Paper Url:

Last modified: 2021-04-09 17:55:20