Unemployment rising in India, economy heading into recession

Unemployment rising in India,

economy heading into recession:

The country's unemployment rate rose again in February, from 7.16% in January 2020 to 7.78% in February, according to figures released by the Centre for Monitoring Indian Economy. In rural areas unemployment rose from 5.94% in January to 7.37% in February.

Growth of only 4.7% in the third quarter

The National Statistical Office says GDP growth in the third quarter (October-December) of 2019-20 was only 4.7%; in the second quarter (July-September) it was 4.5%. The NSO also says growth in 2019-20 is likely to be below 5%. Even 5% GDP growth would be the lowest rate in eleven years. Arvind Subramanian, who was chief economic adviser to the BJP government itself, has said that India's GDP is now estimated far above reality, by as much as 2.5% by his estimate. On that reckoning, India's economic growth in 2019-20 would be only three per cent. The BJP government calculates not only GDP but all figures inaccurately and artificially. A fall in GDP growth like this shows that the Indian economy has already slipped into recession.