As India forecast to grow at 7.1%, Congress says GDP numbers doubtful, no reason to celebrate

By: | Published: February 28, 2017 9:40 PM

As the Central Statistic Office keeps its current financial year's growth forecast at 7.1%, Congress leader Anand Sharma stated that the numbers are doubtful and there is no reason for celebrations from now.

Congress leader Anand Sharma stated that the numbers are doubtful and there is no reason for celebrations from now. (ANI)

As the Central Statistic Office keeps its current financial year’s growth forecast at 7.1%, depicting that demonetisation would have no impact on the country’s economy, Congress leader Anand Sharma stated that the numbers are doubtful and there is no reason for celebrations from now.

Official estimates on Tuesday showed that there would be no impact of demonetisation on India’s economy with the Central Statistics Office keeping its current financial year’s growth forecast at 7.1%. With the forecast, 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. CSO also estimated the GDP growth in the fiscal third quarter October-December at 7% on-year, slower than the previous quarter’s 7.3% on-year.

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The reputed Paris-based think-tank OECD (Organisation for Economic Cooperation and Development), which earlier today cut India’s growth forecast to 7% for 2016-17 in view of demonetisation, also 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 said the pace of India’s GDP growth will 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.

Speaking at an interview with ANI, the Congress leader also spoke on the controversy over Kargil martyr’s daughter Gurmehar Kaur’s social media campaign and the continuing unrest at the Delhi University campus. Criticizing the BJP government, Sharma said that Prime Minister Narendra Modi, party president Amit Shah and BJP haven’t been given a mandate to define nationalism and any attempt to do so will be resisted.

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