India’s Economic Downturn Leaves Middle Classes Fearing The Worst [Photo]
The above picture portrays a scene of free-lance muscians in India who are among those that have been hit the hardest by India’s economic downturn. An estimated three quarters of India’s working-age population do not have steady, full-time employment and are most vulnerable to the worst economic climate India has faced in about 20 years since India was first hit with private enterprise in the 1990s. In recent weeks, the Indian form of currency, the rupee, has drastically fallen in value, losing a sixth of its value against the dollar this month alone. India imports much more than it exports rendering the country’s current account deficit at an unsustainable 4.8% of GDP. Until India’s GDP is lowered, there can be very little hope of reviving investor confidence in the economy.