The CPI(M) today attributed the fall in the country’s GDP numbers to the Modi government’s “constant economic mismanagement” including demonetisation. CPI(M) general secretary Sitaram Yechury also said that the poor, the youth and those working in the informal sector were the ones hit by the withdrawal of high-value banknotes, whereas those evading repayment of bad loans remained “unaffected”. “…the reality is that the GDP numbers are actually far worse. This is the result of constant economic mismanagement by the Modi govt over last 3 years. Demonetisation only worsened it,” Yechury said on Twitter.
India’s GDP growth slumped to a three-year low of 5.7 per cent during April-June — lagging China for the second straight quarter — as manufacturing slowed ahead of the GST launch amid demonetisation effect. China clocked 6.9 per cent growth in January-March as well as April-June quarters. The expansion in gross domestic product (GDP) was 6.1 per cent in the preceding quarter and 7.9 per cent in the same period last fiscal. The previous low of 4.6 per cent was recorded in January-March, 2014.