1. Sitaram Yechury mocks GDP data, “without note ban, would Q3 growth have been 25%?”

Sitaram Yechury mocks GDP data, “without note ban, would Q3 growth have been 25%?”

Earlier, Congress leader Anand Sharma has also stated that the numbers are doubtful and there is no reason for celebrations from now.

By: | New Delhi | Updated: February 28, 2017 10:53 PM
sitaram yechury government growth rate, government growth rate datat sitaram yechury, yechury ridicules gdp growth rate data, sitaram yechury gdp rate Yechury, in an ostensible jibe at NDA Government, said: “If this data is to be believed, then without the demonetisation disaster, what would have been the Q3 GDP growth rate? 25%?”

Senior CPI(M) leader Sitaram Yechury on Tuesday ridiculed the government data predicting Q3 GDP growth rate at 7 per cent. Yechury, in an ostensible jibe at NDA Government, said: “If this data is to be believed, then without the demonetisation disaster, what would have been the Q3 GDP growth rate? 25%?” Earlier, Congress leader Anand Sharma had also stated that the numbers are doubtful and there is no reason for celebrations from now.  Official estimates predicted that there would be no evident affect of demonetisation on India’s economy with the Central Statistics Office keeping its current financial year’s growth forecast at 7.1%. If the current estimates are to be believed, India will continue to be the fastest-growing major economy. The FY17 growth forecast still marks a slump against the 7.9% growth in the last financial year 2015-16. As per the CSO estimates, the GDP growth in the fiscal third quarter October-December at 7% on-year. However, it was slower than the previous quarter’s 7.3% on-year.
Also Read | India undeterred by Modi’s demonetisation; still fastest growing economy with FY17 GDP forecast at 7.1%

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Earlier ion the day, Paris-based internationally acclaimed think-tank OECD (Organisation for Economic Cooperation and Development), also prediceted India’s growth at 7% for 2016-17 in view of demonetisation. The think tank supported India’s move to demonetise high-value currency notes, saying that in long term its effect would include important gains going forward. OECD also predicted India’s growth rate to accelerate to 7.3% in the next fiscal. The organisation forecast the country’s economic growth to rise further to 7.7% in 2018-19. A number of think-tanks and experts have cut their projections for 2016-17 to even below 7.1% estimated by CSO in January, but most have predicted a healthy recovery in the next two financial years.

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  1. Positive Critic
    Feb 28, 2017 at 5:53 pm
    Stupidest question asked by Sitaram Yechury, pretending to have asked a smart question>
    Reply
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      Pankaj
      Mar 1, 2017 at 7:13 am
      Yechury and people like him, especially those who are in opposition, are perpetual naysayers. He himself has never held any responsible position, neither demonstrated any successful performance. Their comments cut no ice with people who wish to see progress. And we know progress os 7% is very good. His own follower base have fallen by "25%" in a quarter.
      Reply
      1. S
        Santhosh
        Mar 1, 2017 at 4:52 am
        Those people who will say like this, are those people who do not have common sense of Reading News which are updated by the IMF and other international Bodies.Shame on you people and Those who supports the s like you.
        Reply
        1. B
          bhuvan
          Feb 28, 2017 at 5:56 pm
          THIS NEVER STOPS HIS IRRELEVANT BANTER, KNOWING FULLY WELL THAT THIS RASCAL IS A ZERO BRAINED .
          Reply
          1. Samir Shah
            Feb 28, 2017 at 7:33 pm
            Demonetization has had its major impact on the informal sector which is anyways not a part of GDP. Secondly such an impact was absolutely necessary to formalize it and that is where we had a short term pain.Media and opposition politics is anyways hyped at heights, most of the media is paid, while opposition is habitual. So statements of Chidambaram & Manmohan would not surprise me.But going forward with 4-5 lakh crores of informal money in the formal economy and going by the law of fractional reserve banking we would look at monetary expansion to the tune of 30-35 lakh crore which may boost the economy. No doubt international firms like OECD bets strong on Indian GDP expansion in the coming quarters.
            Reply
            1. Samir Shah
              Feb 28, 2017 at 7:39 pm
              The problem with media is that they start connecting with such dubious politicians who hardly make sense to themselves. Its a shame that we have such opposition who would want encourage negativity in every aspect of Indian reform, such people should be publicly debated.Before making unwarranted comments it is important to look at agencies that are involved with the task of crunching data, these are internationally acclaimed and hence international insutions like OECD project a further uptick in Indian GDP for the future quarters.Very surprising to see some country men generating their own negative theories just because they don't like the present govt., but my friends, people like Kejri, Rahul hi, MMS are highly uncivilized to take the task of developing a nation where there has been mive corruption for sixty odd years under family dynastics.
              Reply
              1. S
                Subhash
                Feb 28, 2017 at 6:35 pm
                this govt is manufacturing its own numbers.. feku will go to any length to protect his ego
                Reply
                1. R
                  Rsharma
                  Feb 28, 2017 at 5:38 pm
                  Congress is staring at mive defeat in UP. So this opposition is natural.
                  Reply
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