Congress calls GDP numbers a ‘Greatly Distorted Picture’ of economy
Jairam Ramesh said the quarterly figure hides rising prices, falling wages and record household debt, while the top five families’ wealth rose 400%.
- India's real GDP grew 7.8% in the April-June quarter, the Ministry of Statistics and Programme Implementation announced on Tuesday, yet Congress communication chief Jairam Ramesh immediately described the figures as a 'GDP- Greatly Distorted Picture' of the economy.
- Prime Minister Narendra Modi hailed the 7.8% growth as a 'herculean feat' reflecting the 'collective strength' of Indians, achieved despite oil price shocks and supply chain issues amid the war in West Asia.
- Ramesh countered that inflation was 'electrocuting the public's pockets,' citing copper wire prices rising from Rs 850 to Rs 1,700 per kg and aluminum from Rs 350 to Rs 650 per kg, nearly doubling wiring costs for a 1,000 sq ft house.
- Congress colleague Pawan Khera questioned whether India had truly 'bloomed' if 'rampant unemployment, leaked exam papers, and a crumbling education system' define reality, while Ramesh alleged India's five richest families accumulated 400% wealth growth as the bottom 50% share stagnated at 6.4%.
- Manufacturing grew 9.2% and services expanded 10% compared with 8% a year ago, surpassing the Reserve Bank of India's 7% forecast, though inflation extended beyond essentials to solar panels and household appliances, which rose 10-15% and up to 20% respectively.
14 Articles
14 Articles
India Registers Historic 7.8% Growth but Sulking Congress Calls It ‘Paper Tiger’
The historic expansion has quickly turned into a high-stakes political battlefield, with the main opposition party, the Indian National Congress, dismissing the growth figures as a "paper tiger" that masks widespread ground-level economic hardship.
GDP numbers paint ‘greatly distorted picture’ of economy, says Congress - The Tribune
The Congress on Monday questioned the government’s celebration of the latest quarterly GDP numbers, saying headline growth figures masked weak private investment, falling consumer confidence, high educated unemployment, declining household savings and rising debt, and accused Prime Minister Narendra Modi of “premature celebration”.
War of Words Over India's GDP Numbers as Opposition Questions Economic Growth Claims
A political war of words has broken out following the release of the latest gross domestic product figures, with the ruling party and the opposition clashing over the state of the economy. While the government hailed India's first-quarter economic growth rate of 7.8 per cent, positioning the nation as the fastest-growing major economy despite global challenges and energy crises, the Congress party termed the headline figures a greatly distorted …
PM Narendra Modi calls 7.8% GDP growth ‘herculean feat’; Congress takes ‘Greatly Distorted Picture’ dig
India’s GDP grew 7.8% in the April-June quarter, surpassing the Reserve Bank of India’s 7% estimate. However, elevated crude oil prices, food inflation and a strengthening El Niño pose risks to the growth outlook.
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