Economy

Congress leader and former finance minister P Chidambaram has said that the details of the economic package that the current finance minister has given, there is nothing for the laborers returning from their poor and starving homes on foot.

He said that apart from the package given for micro, small and domestic industries, the remaining announcements are disappointing.

Former Finance Minister Chidambaram questioned after the Finance Minister of India Nirmala Sitharaman gave details of the economic package of 20 lakh crores of central government, "Finance Minister has given only 3.6 lakh crores out of 20 lakh crores package. , Where did the remaining Rs 16.4 lakh crore? ''

He said that the Central Government is imprisoned in its own ignorance and fear, it will have to spend more, but it is not willing to do so.

Chidambaram said, "The government should borrow more, but it is not willing to do so. The government should allow the states to borrow more and spend more, but it is not ready to do so."

Chidambaram also said that the government's announcement of some support measures for micro, small and medium scale industries (MSMEs) is a good step but it also has a flaw.

He said, "I believe that the measures have been diverted in favor of large MSMEs (about 4.5 million). I think a large group of 6.3 crore MSMEs has been ignored."

Congress spokesperson Randeep Surjewala tweeted, "Yesterday, today and tomorrow, headline package of 20,00,000 crore, only loan package of 3,70,000 crore today, but when" headline to helpline package "? Neither a single penny in the hand of the poor, nor a rupee in the account of the farmer, neither the return or ration of the migrant laborer, nor the shopkeeper / job occupation got anything. ''

Reacting to the economic package, West Bengal Chief Minister Mamata Banerjee said that there is nothing for the states in this.

Mamta Banerjee said, "People hoped that there would be relief ... but they got nothing. There is nothing for the states. The Center is forcing federal rule, misleading people with the economic package."

Rajya Sabha MP of Aam Aadmi Party Sanjay Singh has described this package as a provision of loot to crores.

He tweeted, "One thing is clear from today's package that the unscrupulous people who have already looted millions of crores of rupees in the name of NPAs, the government has made arrangements to loot millions of crores of them again. Poor Nothing felt in his hands, he was left trusting God. ''

Nirmala Sitharaman today announced the first installment of the Rs 20 lakh crore relief package of Prime Minister Narendra Modi's self-reliant India campaign. Daily relief package announcements will be made in the next few days.

In April this year, 2.05 crore people have been unemployed due to Corona virus epidemic, after which the unemployment rate has increased to 14.7 percent.

This unemployment rate is the highest since the Great Depression of 1930.

Until two months ago, the unemployment rate in the country was 3.5 per cent, the lowest in the last fifty years.

However, the US President has said that he was fully anticipating the unemployment rate to rise and he expects the economy to grow in the future.

In a program on Fox News Channel, he said that the loss of jobs in April was not "shocking" and he was "completely apprehensive".

In this program called Fox and Friends, he said that "Even the Democrat leaders are not blaming them for this. But the work I can do is bring these jobs back."

Since the beginning of the Corona epidemic, its impact has been visible on the US economy and the growth rate is seen to be declining over the years.

Shops are closed due to Corona and a record decline in retail sales.

Economist Erica Groshen, who previously headed the government's Bureau of Labor Statistics, describes the current situation as historic. She says, "To combat this epidemic, we have put our economy into a coma. This has resulted in the loss of jobs on a large scale."

Erica Groshen currently teaches at Cornell University.

According to the report of the US Labor Department, all sectors of the economy are declining.

The most affected is the hospitality sector, where about 77 lakh jobs have been lost. At the same time, about 25 lakh jobs in education and health services and about 21 lakh people in the retail sector have been lost.

The Labor Department says that 1.81 crore jobs have been temporarily lost and companies expect the economy to recover again with the situation improving.

However, economists believe that due to this epidemic, there will be a change in the way companies work and the effect can be prolonged.

They believe that the longer the lockdown will last, the greater the damage to the economy.

The Insurance Regulatory and Development Authority of India (IRDAI), the government agency regulating the insurance industry in India, has announced major relief for the insured.

In the time of Corona crisis, IRDAI has granted 30 more days to IRDAI to pay the life insurance premium. This relief is for those policies of life insurance whose renewal date was falling in the months of March and April.

In case of health policy and motor insurance, IRDAI has already announced additional time to pay the premium for third party insurance. After the rebate given to the general insurance companies, companies providing life insurance had demanded 30 more days of deferment from IRDAI.

Thousands of poor people living in the capital of India are standing in queues for the ration received by the government. The factories in which these thousands of poor used to work daily wages have stopped and their source of income has also come to a standstill. In the coming time, how will these poor people feed their family? He is worried about this.

India's Union Finance Minister Nirmala Sitharaman said in a press conference, "Let no one go hungry, the government is trying it".

But the queues in which thousands of poor are standing are too long and the quantity of food is not enough.

Due to the Corona virus infection, at a time when there are millions of people in India and they are taking full advantage of the online delivery system and also getting the things they want from home, at the same time thousands of people are on the streets in India. They face a crisis of livelihood and food.

This is a time of grave crisis. A lockdown has been declared for three weeks in India with 130 crore population. People have been asked to stay in homes and businesses are in complete disarray. A large number of people are working from home and there is a huge decline in productivity.

Last week, Reserve Bank of India Governor Shaktikanta Das announced economic measures to strengthen the economy, saying, "Countries around the world are locking up to fight an invisible killer".

The condition of India's economy was worrying even before the corona virus arrived in India.

The growth rate of the world's fastest growing economy was 4.7 percent last year. This was the lowest level of growth in six years.

In the year 2019, unemployment in India was at the highest level of 45 years and at the end of last year industrial production from eight major sectors of India fell by 5.2%. This was the worst situation in the last 14 years. To put it mildly, India's economic situation was already in bad shape.

Experts believe that because of the impact of the corona virus, where there is a crisis on people's health, on the other hand, the already weak economy may get a bigger blow.

The transition of Kovid-19 has spread at a time when India's economy is trying to recover from the slowness caused by the Modi government's 2016 decision of demonetisation. Through demonetisation, the Modi government was trying to bring black money to the fore, but in an economy like India where small businesses were dependent on cash payments, this decision broke their back. Most businesses were recovering from the effects of demonetisation that the corona virus was killed.

The unorganized sector in India employs about 94% of the country's population and contributes 45% to the economy. The lockdown has badly hit the unorganized sector as thousands of people lost their jobs overnight.

Finance Minister Nirmala Sitharaman announced a relief package of 1.70 lakh crore rupees so that the poor 80 crore people of India can get relief from economic burden and livelihood. By putting money in accounts and arranging food security, the government is trying to help the poor, daily wage laborers, farmers and those who are deprived of basic amenities.

But will India's economy be able to overcome the recession with this little government effort. More efforts are needed to save the economy from the bad effects of this crisis.

The biggest challenge is to implement the relief package announcement at the ground level. At the time of lockdown when additional free ration has been announced, how will poor people reach it? The government should deliver food items directly to the poor with the help of army and machinery of states.

At this time, thousands of people are trapped away from their homes, in such a situation, the government should do the work of putting money in the accounts quickly and also keep the supply of food items on priority.

These are the people whose cash needs to be transferred to their accounts immediately. They have not received any kind of social security. The government should not worry about the fiscal deficit. He should borrow from RBI and spend it on the people in this calamity.

The government has made a separate announcement for the farmers in the relief package. The government will add Rs 2000 per month to farmers' accounts for three months from April. The government used to give Rs 6000 annually to the farmers.

But the help of two thousand rupees is not enough as exports have stagnated, prices will rise in urban areas as demand is increasing and prices will fall in rural areas as farmers will not be able to sell their crops.

This crisis has come at a very critical time, when the new crop is ready and waiting for the market to be sent. In a country like India where millions of people are living in poverty, experts believe that the biggest challenge before India will be how will these food items reach the cities and any country in the world in the event of a difficult lockdown. If the supply is not started then food will be wasted and Indian farmers will have to suffer heavy losses. 58% of India's total population is dependent on agriculture and agriculture contributes $ 256 billion to the country's economy.

Experts are warning that there is a possibility of increasing unemployment in India. There has been a huge decline in production due to the closure of a large number of factories.

To provide relief to people employed or engaged in small businesses, the government can help them by giving interest and tax rebate to help businesses recover.

Unemployment in India is still at a record level and if this situation continues, those working in the unorganized sector will have to face great difficulty. People working in small businesses will either be forced to work for less money or will lose their jobs. There is a discussion in many companies about how many people need to be fired.

Air travel in India is currently banned until 14 April. The shutdown has also had an impact on the aviation industry. According to an estimate by the Center for Asia Pacific Aviation (CAPA), the aviation industry will suffer a loss of nearly four billion dollars. It will also have an impact on the hospitality and tourism sector. Hotel and restaurant chains in India are badly affected and a large number of people are also facing the problem of not getting salary due to the presence of silence for several months.

The auto industry has also suffered heavy losses due to the shutdown and may have to bear an estimated loss of around $ 2 billion.

Experts believe that the relief package that India has announced to revive the economy due to the effects of the corona virus is one percent of the country's total GDP. Compared to Singapore, China and the United States, this relief package is like cumin in the camel's mouth.

Experts say that India should announce a big economic package soon so that the businesses that are drowning in the devastation of Corona can be brought back on track.

Chinese President Xi Jinping arrived in Myanmar's capital, Napidaw, on Friday. This is the first time after 19 years that a Chinese President is visiting Myanmar.

Although Jinping has come to Myanmar for the 70th anniversary of the diplomatic relations of the two countries, during this visit, he will undertake several projects under the China-Myanmar Economic Corridor, along with Myanmar's top leader Aung San Suu Kyi.

Prior to Xi Jinping's visit, Chinese Deputy Foreign Minister Lau Shahui told reporters that the president's visit was intended to strengthen relations between the two countries and increase mutual cooperation under the Belt and Road campaign.

He said that the third goal of this tour is to 'embark on the China-Myanmar Economic Corridor'. The China Myanmar Economic Corridor is part of Xi Jinping's ambitious Belt and Road campaign.

This Belt and Road Initiative of China has been viewed by India with skeptical eyes as it believes that as part of this campaign, China is trying to increase its influence and reach in South Asian countries.

Ritu Aggarwal, associate professor at the Center for East Asian Studies at Jawaharlal Nehru University in Delhi, says that good relations between China and Myanmar began long back.

She explains, "China and Myanmar have been close trading partners. A number of border economic zones have been created along the Myanmar border in Yunnan province, China since 2010, and tried to link Myanmar to China on an economic basis. It is going. Like there was talk of laying oil and gas pipelines from here also.

Ritu Aggarwal points out that the provincial government of Yunnan tried to build good relations with Myanmar at its level. This sequence started from the 80s. However, there were many ups and downs in between. But now this effort is being continued through the Belt and Road Initiative.

The Belt and Road Initiative is considered an important part of Chinese President Xi Jinping's foreign policy. It is also known as the Silk Road Economic Belt and the 21st century Maritime Silk Road. Jinping started it in 2013.

Under the Belt Road Initiative, China intends to connect China with Europe via Central Asia, the Middle East and Russia by laying a network of roads, rail tracks and Ships through at least 70 countries. China wants to do all this through trade and investment.

Myanmar is geographically important in China's Belt and Road Initiative. Myanmar is located at a place that lies between South Asia and South East Asia. It lies between Yunnan province of China and the Indian Ocean surrounded by land around it, so the China-Myanmar Economic Corridor is very important for China.

Ritu Aggarwal explains, "China has been trying for many years how to reach the Indian Ocean. The recent visit of Xi Jinping is in an attempt to increase China's maritime power because increasing Chinese maritime power is Xi Jinping's priorities. So He is trying to build ports, lay railway lines. He wants connectivity through them.

In April 2019, China's Second Belt and Road Forum (BRF), Myanmar leader Aung San Suu Kyi signed three MoUs with China to enhance cooperation under the 'China-Myanmar Economic Corridor' (CMEC).

The China-Myanmar Economic Corridor is a Y-shaped corridor in English. Under this, China wants to increase economic cooperation with Myanmar by reaching the Indian Ocean through various projects.

Under this economic cooperation lasting from 2019 to 2030, the governments of the two countries had agreed to cooperate on a number of projects in many fields such as infrastructure, production, agriculture, transportation, finance, human resource development, research, technology and telecommunications.

Under this, a corridor of about 1700 kilometers is to be built to connect Myanmar's two main economic centers with Kunming, the capital of China's Yunnan province.

Moving from Kunming, this project will first be connected to the high-speed train from Mandalay in central Myanmar. Then from here it will be linked with Yangon in the east and Kyawkpu Special Economic Zone in the west. China will also build ports in Kyawkpue.

Under this campaign, the Government of Myanmar had agreed to create three border economic cooperation zones in the states of Shan and Kachin.

China says CMEC will allow Chinese goods to reach Myanmar's south and western regions directly, and Chinese industries can shift themselves here in search of cheap labor. It has been claimed that Myanmar will become the hub of trade between China, South East Asia and South Asia due to this project.

But the relationship between China and Myanmar with various initiatives on the border with Yunnan is purely economic relations, it is not so. Ritu Aggarwal says that behind such economic campaigns there is a security agenda somewhere.

Perhaps India's concerns are also related to this.

From the Indian point of view, some analysts consider the China-Myanmar Economic Corridor as the China-Pakistan Economic Corridor that connects China's western Xinjiang province to Karachi and then to Gwadar port in the Arabian Sea. Similarly, the China-Myanmar Economic Corridor connects China to the sea from the Bay of Bengal.

In addition, last year, Xi Jinping launched the Sino-Nepal Economic Corridor during his visit to Nepal. Under this, China intends to connect Tibet with Nepal. The China Nepal Corridor lies between the China-Pakistan and China-Myanmar corridors.

In this way, the three corridors will benefit China at the business level, but India's concerns are also about safety. Ritu Aggarwal says that India is already worried that with increased connectivity, the threat to security may also increase.

She says, "In all the connectivity that China makes, it talks about the economic corridor but behind that there are strategies like controlling the economy of others. This is the way of China. It is a matter of concern for India that If its neighbors in South Asia come under the control of China, it will have difficulty in emerging as a regional power.''

China has also tried to involve India in its campaign, but India has not shown interest. However, China affairs expert Atul Bhardwaj believes that India should not worry if China reaches the Indian Ocean through the Myanmar Corridor.

He told the BBC, "India has always been in support of increasing regional connectivity, so what should it fear? Rather it should look for economic opportunities in new projects starting around it. Not that China Connecting parts that have remained untouched. He is just providing alternative avenues to increase connectivity.''

India has also been talking about 'Look East Policy' in its foreign policy. Under this, it has been said that India's relations with Myanmar should be good. After this, Prime Minister Narendra Modi has mentioned about the 'Act East' policy through the northeastern states many times.

If India wants to increase economic and business cooperation with South East countries, then its path goes through Myanmar. But despite India's slogan of Look East or Act East, China's influence in Myanmar has steadily increased.

Ritu Aggarwal says that India has historically had a cultural relationship with Myanmar, so instead of worrying about China's efforts, efforts should be made seriously on its own.

She says, "Historically the North East of India and Calcutta had good relations with Myanmar, both countries had direct trade links and traffic. It should be seen how it can be revived."

"India can take important steps towards starting a mission with Myanmar by taking initiative on its part. India has been a big power in South Asia from the beginning. Instead of being worried, it will need to strengthen its business relations with neighboring countries. A strategy should be formulated. He will have to see if he can take the initiative to limit China's influence.''

Regarding China's access to India under the Belt and Road campaign from three directions, Ritu Aggarwal says, "India has concerns but the important thing is what will be its strategy ahead? How can trade deal with neighbors?" This is how business relationships can be strengthened. There should be an effective policy.''

There is pressure on Xi Jinping to make his Belt and Road Initiative a success. Many countries have expressed their desire for the initiative, but the results of the pilot projects have not been in line with China's expectations. Voices of protest have also been raised in Myanmar.

In such a situation, analysts believe that India should try to draw neighbors by taking positive initiatives on its part and it should adopt a clear policy in this regard. But the biggest question is that the Modi government of India will succeed in stopping China due to its economic slowdown?

Cyrus Mistry was reinstated as chairman of the Tata Group by the National Company Law Appellate Tribunal (NCLAT) on Wednesday.

The tribunal has also said that it was illegal to make N Chandra the executive chairman of the Tata Group. A two-judge bench of the NCLAT said that Ratan Tata had acted arbitrarily against Mistry and that the appointment of the new chairman was illegal. Tata Group is a $ 110 billion company.

Ratan Tata has been given four weeks to challenge this decision. The tribunal has said that its decision will come into force only after four weeks.

Tata also has the option to challenge this decision in the Supreme Court. As soon as this news came, Tata Motors shares started falling. The Mistry family holds the largest stake in Tata Sons. The Mistry family has an 18.4% stake in Tata Sons.

Cyrus Egyptian was the sixth chairman of Tata Sons. He was removed in October 2016. Cyrus Mistry was given command of the Tata group following the retirement of Ratan Tata in 2012.

When Mistry was removed, he claimed that he had been sacked for violating the Companies Act. Along with this, he also alleged a flaw in the management of Tata Sons.

The NCLAT has also stated that it was illegal for Tata Sons to become a public-to-private company. The NCLAT has again ordered it to become a public company.

It is being said that with this decision, Tata is once again stuck in legal stitches and this will affect the company's profits. Tata will take the matter to the Supreme Court but it will affect the investors.

Tata's corporate governance is also being questioned.

The cyber attack at India's largest nuclear plant, Kodankulam, in Tamil Nadu last month raised big questions over India's cyber security.

After the news spread, it is being discussed that is India fully prepared to deal with any cyber attack? Can it protect against digital attacks damaging its critical infrastructure?

This debate has given rise to another big issue, is India ready to avoid the debit card hackers and other financial fraud, as it is the issue of crores of people of India.

Last month, the Reserve Bank of India gave a warning to banks. The warning comes after a warning from Singapore-based cyber security firm Group - IB, which said details of about 1.2 million debit cords are available online.

Last year, hackers fraudulently withdrew Rs 90 crore from Pune's Cosmo Bank accounts by cyber attacks on the bank's data supplier.

Arun Sukumar, head of the Cyber ​​Initiative of the Observer Research Foundation, told the BBC, "It is easy to attack India's financial system as we still depend on international banking networks like SWIFT for transactions. It is easy to attack because of international gateways.''

A report by cyber security company Simon Tech states that India is one of the top three targets for such cyber attacks.

However, this will decrease due to India's large digital population. Every month the population of France is connecting with computers in India and this is the biggest concern because for the first time the users of internet are also being asked to make digital payments.

For example, in November 2016, the Government of India abruptly banned the circulation of 500 and 1000 rupee notes, accounting for 80 per cent of the total amount in the country. As an alternative to this, Prime Minister Narendra Modi promoted digital payments quite a lot.

Whether the Indian payment platform is Paytm or the international platform is Google Pay, the business of both has increased significantly in India. According to a Credit Suisse report, by 2023, mobile payments will start in India by one trillion dollars. The use of credit and debit cards is also very popular. Today, around 90 crore cards are being used in India.

Technology expert Prashanto Rai told the BBC, "There are a lot of new people using the Internet in India, they have a population of more than 300 million. They are middle class or lower class people who have very low digital literacy. Among them are daily wage laborers working in different states who do not understand its language, there is a lot of possibility of fraud with them.''

Apart from this, Prashanto Rai also points to another problem, "The second thing is that there is very little reporting about the fraud of banks, many times consumers do not know what happened?"

Financial fraud occurs in many ways in India. Some hackers put card-mimicking skimmers on ATM machines or put cameras on keyboards for fraud. Through this a duplicate of your card is prepared without any doubt. At the same time some hackers call you and try to extract information from you.

Prashanto Rai explains, "The process of digital transactions in India is blurred and confusing. In the real world it is known who is taking money and who is paying but it is not always clear in the mobile payment platform. Examples For, a person is selling a table online, someone talks about making a payment online as a buyer.''

"He then states that he has paid and you will receive a code via text message. This is to ensure payment. Most consumers don't think about it and they tell that person about this code. The next thing they come to know is that the money has gone out of their account.''

The problem is that the system itself is neither secure nor transparent. In the fraud of Cosmo Bank, it was revealed that the software could not catch the mismatch in the pattern during such a large transaction. By the time the fraud took place, a huge amount of damage was done.

With no standard, online transactions are going to cause a lot of confusion for first time users. Look at ATM machines for example, there are many types and the interface of each payment app is different.

Sukumar also suggests another thing, according to him, it is also a problem of the people, there is a lack of general awareness among the people, due to which they risk themselves and the whole system.

Sukumar explains, "People using the keyboard also need to be cautious. The virus that attacked the Kodankulam Nuclear plant was due to an employee there. Which inserted an external USB into the system's computer. This threatened the entire plant system. The same is possible in any bank or financial institution.''

According to Prashanto Rai, the responsibility of protecting financial transactions rests with the government and financial institutions and not the consumers.

He tells, "The speed with which internet usage is increasing in India, looking at it, it cannot be left to education alone. It is not possible for everyone to keep an eye on vicious and efficient hackers as they constantly change their strategies and methods. In such a situation, the regulators have the responsibility to stop any fraud.

In addition, the pace of interaction between various cyber security institutions is also very slow. The Computer Emergency Response Team (CERT), which protects India's digital infrastructure, is often unable to provide timely information about threats to the government.

But the Indian government knows the problem. This is the reason why the country is preparing the National Cyber ​​Security Policy for 2020. It identifies six important areas in which the need for a clear policy is being felt. These include finance security.

According to Prashanto Rai, every important area within the country should have its own Computer Emergency Response Team (CERT), which should have mutual communication and government play the role of convenor.

In the event of this happening, it will be able to effectively curb the threats coming in the way of India's cashless economy.

Michael Kramer has been awarded the Nobel Prize for Economics of 2019, along with Abhijit Banerjee of Indian origin and his wife Estair Dufalo.

Abhijeet Banerjee and his wife Duffalo are professors at the Massachusetts Institute of Technology in the United States.

At the MIT, Banerjee along with his wife was answering reporters' questions after the Nobel Honor was announced.

At the same time, when a journalist asked him questions about the Indian economy, he said that there is a very bad situation.

Banerjee said that people in India are cutting consumption due to scarcity and the way the decline is continuing, it seems that it cannot be controlled.

Banerjee and Dufalo are professors in the economics department of MIT. Both of them were married in 2015. Abhijeet Banerjee is also working on several research projects in India.

In response to a question on the Indian economy, Banerjee said, "I think the condition of the Indian economy is very bad." If we look at the data of NSS, then between 2014-15 and 2017-18, people of urban and rural India have cut their consumption drastically. This is the first time after years. This is the beginning of the crisis. ''

At the request of the journalist, Abhijeet Banerjee also answered questions in his native tongue Bangla. His wife Duflo is from France and Duflo also responded in French in addition to English.

Abhijeet Banerjee also spoke on the controversial change in data collection methods in India. Many people allege that the data that the Government of India shows of GDP growth and revenue deficit is not real data. Arvind Subramaniam, an economic advisor to the Modi government, has also made such allegations. Abhijeet Banerjee said that there are many doubts on the government's data.

Indian-American economists Abhijeet Banerjee, Ishtar Duffalo and Michael Kramer have been jointly awarded the Nobel Prize in Economics this year.

All three have been awarded this honor for experimenting to overcome poverty around the world. It is believed that this approach was the most important contribution during the last two decades. Worldwide, the population of the poor is believed to be around 700 million.

On a study by Abhijeet Banerjee, the system of schooling of children with disabilities was improved in India, in which nearly 5 million children have benefited.

The three people also include Abhijeet Banerjee's partner Ishtar Duffalo, the youngest woman to win the Nobel in economics. She is just the second woman to win the Nobel in economics.

After the award was announced, Ishtar Duffalo said in the press conference, "Seeing that women can be successful, many women will be inspired and many men will be able to honor women."

Abhijeet Banerjee completed his MA from Jawaharlal Nehru University in 1983 after completing his BSc from Kolkata University in 1981. In 1988, he completed his PhD from Harvard University.

Prime Minister of India Narendra Modi has also congratulated him on the award of Nobel Prize to Abhijeet Banerjee. Modi has tweeted and said, "Abhijeet Banerjee has made a significant contribution in the field of poverty alleviation".

It is also being said about him that he had prepared the outline of Rahul Gandhi's justice plan. This has also been confirmed by Rahul Gandhi himself, he has tweeted that Abhijeet had prepared the justice plan which has the potential to destroy poverty and bring the Indian economy back on track.

Discussions have started on social media about his JNU connection.

Ramachandra Guha tweeted, "I am happy with the news of Abhijeet Banerjee and Ishtar Duffalo getting Nobel. They deserve it. Abhijeet is a proud graduate of a much maligned university. His work will impress many young Indian scholars. ''

West Bengal Chief Minister Mamata Banerjee has also congratulated Abhijeet Banerjee.

In an annual report of the World Economic Forum (WEF), India has slipped significantly lower. It has been said in this report that assesses the betterment brought for competition in the economy.

India was ranked number 58 in the Global Competitive Index last year but now it has reached number 68.

Singapore tops the index. Then there are countries like USA and Japan. Most African countries are at the bottom of this index.

The reason for India's ranking falling is being said to outperform other countries. In this index, China is 40 places above India at number 28, there is no change in its ranking.

Countries like Vietnam, Kazakhstan and Azerbaijan also rank above India in this list. Among the BRICS countries, China is at the top, while Brazil is also at number 71 below India.

The World Economic Forum says that India's economy is very large and quite stable, but the pace of economic reforms is very slow.

Colombia, South Africa and Turkey have outperformed India in the past year in terms of better economic environment and have overtaken India.

This report also states that signs of recession are appearing all over the world, which will be a big challenge for the economies.

Pakistan is at number 110 in this ranking while Nepal (108) and Bangladesh (105) are also above it.

In this report, India's health system, condition of workers and the state of banking services have been considered responsible for this decline.

This decline is undoubtedly a matter of concern for India. Especially at a time when India needs more investment and business activities to overcome lethargy.