Questioning the GDP projection of 7 per cent, Opposition Trinamool Congress today said the statistics are not “genuine” and that India runs the risk of being clubbed with China in terms of lack of reliability of the growth figures. Trinamool leader Saugata Roy said in the Lok Sabha that demonetisation has “hobbled” the economy permanently but the government has not sanctioned any extra amount to sectors impacted by it. “The rate of GDP growth has suffered. The statistics of the government are not genuine… The way the government is giving statistics, soon we will have the Chinese reputation of not giving out statistics properly,” he said while participating in the debate on final Supplementary Demands for Grants for 2016-17.
The Central Statiscal Office (CSO) had last month projected India’s GDP growth to be 7 per cent in the October-December quarter, belying fears of slowdown post demonetisation. For full year, it projected India to clock a 7.1 per cent growth rate.
“My impression, and it has been the impression of all ecomomists, is that it (GDP) should fall to 6.5 per cent if not lower. The economy is not as hunky dory. Small industry, million of artisans and workers have suffered,” he said.
Roy said the Treasury Benches are “gloating” over their victory in the state of Uttar Pradesh, but this victory does not prove that demonetisation is a good step.
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“Modi may be a good salesman. He has sold demonesation… But demonetisation has hobbled our econmomy permanently. If actual figures are placed, then you will see that rate of growth, the rate of GDP has suffered. My estimate,” he said.
Quoting from Shakespeare’s Hamlet, Roy said, “all is not well in the economy of India… Something is rotten in the state of economy and we are not doing enough to correct it”.
He said the government indulges in sloganeering but does not have the real data to show how much investment has come in industry in 2016-17, how much money has come back into banking system post demonetisation, and whether black money can been caught. “This remains a dark spot in our economy”.
The banking sector with Rs 8 lakh crore worth NPA is “rotting”, the Trinamool member said. He termed the merger of Railway Budget with the General Budget and advancement of the budget date as “technical showpiece”.