Revival of the Economy
It all began in January 2018 when the Infrastructure, Leasing and Financial Services (IL&FS) crisis broke out in the news. Several market veterans and economists were worried whether history was about to repeat itself like the 2008 Lehman crisis. With the company defaulting its payment obligations repeatedly which sparked panic among investors, received a downgrade by credit rating agencies and is a catastrophe which inflicted its wounds on the macroeconomic structure of India. Gradually, with the job crisis mounting and the unemployment rate hitting a 45 year high. Concerns were brewing about a possible economic breakdown. Many attributed this to the rollout of GST in 2017 which did pose the companies and MSME with some teething challenges. However, the nail in the coffin was when automobile sales declined drastically. Many economists and companies believed that this is the tip of the iceberg since the automobile sector is considered to be one of the biggest parameters whic...