If there’s one news that constantly hit headlines in 2019, then it was the dismal state of the economy. Quarter after quarter GDP numbers disappointed and confirmed the worst fears of a stubborn slowdown. Root causes of the underperformance were the demonetization in 2016 that affected a lot of industries transacting in cash, confusion caused by the hurried rollout of the GST and the unrecoverable, bad loans of banks deterring them from lending to businesses and retail customers. Add to that the weak demand in the pivotal industries of automobile, housing, FMCGs and others, and you have a surefire recipe for failure.
The fastest growing economy in 2018, India battled with a six-year low economic growth and a 45-year high unemployment rate in 2019. This gave the BJP government, which entered its second tenure in 2019, a constant headache. And it announced several measures to give the lumbering economy a shot in the arm.
As a new year has just begun, we recapitulate those to find out if those measures can deliver in 2020 and infuse momentum back to the economy.