Topic Reading-Vol.3554-1/3/2022

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Topic Reading-Vol.3554-1/3/2022

英語で世界を知ろう!Topic Reading

2022/01/03 Topic Reading-Vol.3554-1/3/2022

Dear MEL Topic Readers,

The Indian economy is growing fast, but problems loom

With a population of 1.4 billion, India’s economy is the 3rd largest in the world if the relative cost of local goods, services, and inflation rates are taken into account, or on PPP (purchasing power parity). However, India’s GDP per capita on PPP is just over $7,000 and ranked 122th in the world. In fact, it is estimated that over 20% of people live in poverty. Also, while the overall unemployment ratio stays below 7%, youth unemployment goes over 20% in India. The worst problem is inflation, which tends to hit the poor hardest. India has experienced a double-digit price increase for several months. And fuel and energy prices increased nearly 40% in November. Micro, Small, and Medium Enterprises or MSMEs represent 30% of India’s GDP but they are devasted by the pandemic. That’s a big problem as MSMEs employ over 100 million people. When energy and food prices go up, those who spend most of their money on basic necessities suffer more. And MSMEs are their main employers as India’s industrial sector, which could provide higher wages, better welfare, and safer job security employs just over 25% of the labor force.

Enjoy reading the article and learn why India’s economy is growing but people’s lives are suffering.

MEL School 三鷹
住所 〒180-0006 東京都武蔵野市中町2-3-5 IIHA武蔵野1階