India’s Economy Still 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 holidays, said Wilson Dass, store manager at The Collective, which sells luxury items like cashmere coats and expensive leather bags. . Instead, they come to his store in Gurugram’s industrial hub.

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

He said sales are up more than 30 percent this year compared to 2019, and the big winter shopping season has yet to begin.

Company executives said they wanted to showcase Karl Lagerfeld bags and Michael Kors tracksuits to customers, a mix of wealthy wives and India’s “new rich”.

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

India’s economic statistics may be better at reflecting the vitality of the Indian economy than the loss. in 2015 the country has changed how it calculates growth. The new approach, seen and endorsed as substantially more modern, Mr Modi’s predecessor, depended on figures reported by the formal sector, such as large companies. But he assumed that the country’s vast informal sector, which employs farmers, day laborers, rickshaw drivers and millions of others, would grow with the formal sector.

The pandemic that challenges this assumption Disproportionately damaged India’s informal economyEmploying an estimated 90 percent of the country’s workforce, . Since the beginning of the epidemic, at least 10 million Indians, lost stable, well-paid jobs, according to Mr. Vyas.



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