Economic system

Hello friends ,

today i will present special topic .the economy system is very important every contries.The agricultural sector is the basis of the Indian economy. But today the middle class and the lower middle class have the biggest hand behind the development of the Indian economy. This is why India is defined as a 'middle income' economy. In the midst of the global crisis in Kovid-19, two aspects of the Indian context are increasingly being discussed from an economic point of view.

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First, the most vulnerable populations in the Indian economy, such as farmers, workers in the unorganized sector, migrant workers to cities for daily wages, and people who make a living by trading on the small sidewalks of cities.

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Secondly, the producers of the Indian economy, the sector that produces capital and non-capital goods in Sri Lanka. In general terms, the manufacturing sector or the business sector.

Governments around the world are working on both. Governments have announced a large relief package to address the situation in their country, and in line with that, the Indian government has announced a large package to help the poor.

Globally, America has released the largest economic package for its economy. The United States has released a $ 2 trillion relief package, or Rs. 151 billion in relief package for some 300 million people. This is 5 times more than the total budget of India. This is for the entire economy of America.

India has not yet announced any major package for its manufacturing sector. It is hoped that it will be able to announce a larger package in the near future as well. With demand, a large economic package will be needed to restart the manufacturing sector, which is now set to see a supply-based crisis.

The relief package issued by the Central and State Governments should pay special attention to two main points.

1. The middle class in India
2. The basis of the coming economic crisis

The middle class needs to be at the center of the debate because the middle class is the most vulnerable in every economic crisis. This class is not included in the relief package issued by the government.

In times of economic crisis, the middle class is often weak and some of it shifts toward the poorer sections of the economy. The Kovid-19 crisis now shows something similar.

The middle class, which is largely working on low wages, is more vulnerable to this crisis and may move to the lower middle class or even lower. The International Monetary Fund (IMF) has said in its report that India's middle class is shrinking. Therefore, in the midst of the crisis, more attention should be paid to the existing middle class economic conditions in the Indian economy.

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