(Aditya Shaw, Intern Journalist): Due to Covid-19, the uncertainty about the economy has spread in such a way that people have started cutting the consumption of essentials along with non-essential items. This was indicated by RBI in the Consumer Confidence Survey on August 6, 2020, and the same is revealed in the report of accounting firm PwC on Monday.
According to this report, for the next one to one and a half years, 50 percent of the people have said to cut the expenditure on their essential consumption items, while 75 percent of people have said that they will also cut the expenditure on non-essential consumption items. Domestic spending contributes 60 percent to India’s economy and there will also be a delay in removing the economy from the clutches of the Covid-19 when people will curb essential and unnecessary expenses.
The PWC report states that it is not a difficult task to achieve an economy rate of 9% per annum after Covid-19 but it will have to be worked out at many levels. So far, what has been done by the government cannot be considered enough. The government can move towards becoming a $ 10 trillion economy by creating better coordination between the private sector and the general public.
About Post Author
