Indian economy remains weak despite strong third quarter

These are the kind of people who would normally travel to Italy, London or the United States to celebrate their vacations there, said Wil...

These are the kind of people who would normally travel to Italy, London or the United States to celebrate their vacations there, said Wilson Dass, store manager at The Collective, an upscale chain selling items like overcoats. in cashmere and expensive leather bags. . Instead, they come to his store, in the industrial center of Gurugram.

Mr Dass said he has sold many more Hackett jackets and Versace bags this year, especially recently, than in previous years.

Sales are up over 30% this year from 2019, he said, and the big winter shopping season hasn’t even started.

His clients, a mix of Indian business leaders, wealthy wives and “neo-rich”, want to show off their Karl Lagerfeld bags and Michael Kors tracksuits, he said.

“They have all this money,” Mr. Dass said. “They have to spend it somewhere.”

India’s economic statistics may reflect the hustle and bustle of the Indian economy better than the damage. In 2015, the country has changed the way it calculates growth. The new approach, widely perceived as more modern and approved by Mr. Modi’s predecessor, depended on figures reported by the formal sector, such as large companies. But he assumed that the country’s large informal sector, which employs farm laborers, day laborers, rickshaw drivers and millions more, would grow in tandem with the formal sector.

Defying this hypothesis, the pandemic disproportionately harming India’s informal economy, which employs around 90 percent of the country’s workforce, though exact numbers are elusive because it’s not on the books. Since the start of the pandemic, at least 10 million Indians have lost stable and well-paid salaried jobs, according to Mr. Vyas.

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Newsrust - US Top News: Indian economy remains weak despite strong third quarter
Indian economy remains weak despite strong third quarter
Newsrust - US Top News
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