The performance of SMEs in India, though impressive, comes next to China where this sector provides around 75 per cent of the total employment, accounts for around 99 per cent of total enterprises and contributes around 60 per cent to GDP.
However, I would like to closely monitor whether there will be a change in the trend in private consumption in the long run, as the effects of the decline in real income may appear gradually over time. C. Price Developments 1. Current situation Next, I will turn to price developments in Japan.