A further fall in demand.

National and international agencies have continued to downgrade India's growth projections for the financial year 2023-24, including the Reserve Bank of India and the International Monetary Fund. The most liberal estimate, if anyone, is Moody's, an international rating agency, at 5.8 percent. Even this is not universally accepted by all economists. The only reason is that the so-called domestic demand is continuously decreasing. Hence, the vitality of the Indian economy is fading. Although the Indian government has tried various measures to increase this demand, there is still no awareness among the Indian consumers. They are as cold as before. And now, due to unemployment, that coldness has increased. The NDA government at the center may not have any magic wand that can increase demand in the market overnight.

The demand has decreased to such an extent that apart from automobiles, sales of toothpaste and biscuits have also decreased in gram areas! Sales of self and so-called passenger vehicles have come down drastically. In the previous quarter, this reduction is a total of 30 percent. Similarly, the decline in sales of commercial vehicles also shows an absolute negative percentage. After decades the health consciousness of Indian people has increased. Due to this, the market of junk food and other ready-made foods has also collapsed. Although till now this reduction was limited to only ten percent, but now its reduction has increased. The results of the current quarter will surprise. The rank given to India out of 141 countries of the world by the World Economic Forum is also not promising.

In the last four years, due to the corona virus, all the statistics related to the economy of the world have changed and the recession statistics due to corona cannot give a true picture of the basic economy. That is, the production units that are actually closed and the production units that had to be closed due to the lockdown situation were weighed on the same scale. The spread of Corona has spread from all over the world and again all the industries of all countries are booming with their pre-Corona capacity but China is still trapped in Corona. Germany and France, which are currently in the grip of recession, are a new concern for the world community. Many industrial equipment factories and mechanical research centers were closed in Germany, which are now open but not in demand. Universities in Germany also have many jobs coming directly from all over the world. All that is also suspended for now.

Germany is truly the world capital of mechanical engineering. Germany has a valuable contribution to the machinery of millions of industries in the world. Due to Corona, Germany's connection with the global industry was broken. Because of this, the number of industries that were shut down due to lack of spare parts was not small. From this it can also be estimated that even after the end of the corona episode, there was a shortage of some products for a certain period. Countries that did not have a local solution to overcome the shortage of technical equipment did not have their manufacturing units booming fast. But not only India, the industries of many countries depend on Germany in one way or another. Germany has maintained its dominance in industrial engineering.

India's imports have come down in the last six months and that is a good thing in a way. Compared to that, exports have decreased. The figures for the decline are in the tens of billions of dollars. Every producer has to get an advance estimate of the situation that is going to be created in our country under these circumstances.