Congress leader Jairam Ramesh on Friday took a jibe at the central government over the quarterly Gross Domestic Product (GDP) growth rate and termed it as ‘disappointing GDP growth’.
Taking to ‘X’ (formerly known as Twitter), Ramesh said, “With growing inequality, even this disappointing GDP growth of 6% will not lead to rising incomes for the vast majority of Indians”.
India saw a Gross Domestic Product (GDP) growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24.
Real GDP or GDP at constant (2011-12) prices in Q1 2023-24 is estimated to attain a level of Rs 40.37 lakh crore, as against Rs 37.44 lakh crore in Q1 2022-23, showing a growth of 7.8 per cent as compared to 13.1 per cent in Q1 2022-23, Ministry of Statistics and Programme Implementation said on Thursday.
Congress leader Jairam Ramesh said in an ‘X’ post, “After the headline quarterly GDP growth numbers came out last evening and after the usual round of drum-beating over them, here is the harsh reality: 1. The headline numbers are overstated by a full percentage point because of the price deflators used. 2. Consumption growth is lagging significantly behind, especially in rural India. 3. Import growth is outstripping growth in exports. Manufacturing growth has still not picked up contrary to whatever claims are being made”.
“The monsoon deficit effects will begin to reflect second quarter onwards. Going by present trends, growth for the year 2022-23 may hover around 6%”, the Congress leader added.
Earlier Union Commerce Minister Piyush Goyal posted the GDP numbers on X saying “India remains a bright spot in the global economy”.
The Ministry of Finance in its post on X said “Real GDP resigsters 7.8 per cent growth in Q1 of FY24, reflecting a continuation of the previous quarter’s momentum”.
Meanwhile, Managing Director and Chief Executing Officer of the National Stock Exchange (NSE) Ashish Chauhan on Thursday said that India has become the fastest-growing large economy in the world with 7.8 per cent Gross Domestic Product (GDP) and is on a path to an “even more glorious future.
“Today evening the first quarter GDP numbers for the financial year 2023-24 have been released. The GDP growth rate has come out at 7.8 per cent which is a stupendous growth rate. With this India has become the fastest-growing large economy in the world,” said the NSE CEO on ‘X’.