The country will soon face a huge financial crisis, which the United States of America witnessed in the past, observed economist D. Papa Rao.
Speaking at a State-level seminar on ‘Indian economy in crisis?’ organised by the Andhra Pradesh Abhivruddhi Porata Samithi (AAPS) here on Saturday, he said the recession-like situation had a telling effect on the purchasing power of consumers. He observed that the rise of unemployment rate to 73%, the highest in 45 years, and the fall of GDP from 9% to 4.5% in 2018, were symptomatic of a higher malaise. “About 4.5 crore people in the USA, having 30 crore population, are struggling to make ends meet,” he said, indicating that the situation could worsen in India.
Opining that agriculture should be fetching with 60% residing in the countryside, Mr. Papa Rao also sought steps from the government to improve the common man’s purchasing power.
AAPS State president N. Raja Reddy said 85,000 small and medium industrial units closed down and 62 lakh jobs were lost during 2014-2018, apart from putting India at the 102nd place in global hunger index.
Sri Padmavathi Women’s College principal G. Mahadevamma sought royalty from government to the farm sector for ushering rural economy.
Private Schools’ Association State joint secretary N. Viswanatha Reddy and Nava Samaja Federation president N. Nagesh took part.
