The Congres today launched a massive attack on Prime Minister Modi and said that it was his policies that were responsible for the current economic slowdown.
Moments after GDP growth numbers were announced, former Prime Minister Dr Manmohan Singh said that the state of our economy was deeply worrying and not acceptable. “GDP figures released today are as low as 4.5%. This is clearly unacceptable. Aspiration of our country is to grow at 8-9%. The sharp decline of GDP from 5% in Q1 to 4.5% in Q2 is worrisome. Mere changes in economic policies will not help revive the economy,” he said while speaking at National Economy Conclave.
This is clearly unacceptable and the aspirations of our people want that this country should grow at 8-9% p.a. And therefore the sharp decline in growth rate from 5% in the first quarter to 4.5% in the second quarter is indeed worrisome: Former PM Dr Manmohan Singh#GDPkeBureDin pic.twitter.com/BPNOngTzGM
He further said that the government needs to change the current climate in our society from one of fear to one of confidence for our economy to start growing at 8% per annum. “The State of the economy is a reflection of the state of its society. Our social fabric of trust and confidence is now torn and ruptured,” he alleged.
India’s GDP growth slowed to a six-year low of 4.5% in the July-September quarter, down from 5% in Q1. After numbers came out, the Congres launched a massive attack on Prime Minister Modi and said that it was his policies that were responsible for the current economic slowdown.
“Failed Modinomics and Pakoda Economic Vision have sunk Indian Economy in deep Economic Recession. As numerous rating agencies, World Bank, IMF, Moody’s, Fitch, RBI, SBI predicted: GDP Growth has plunged to a historic low of 4.5%,” Congress chief spokesperson said in a tweet.
Meanwhile, Finance Secretary Atanu Chakraborty said that the government has taken note of the recent growth numbers. “The fundamentals of the Indian economy remain strong. GDP growth is expected to pick up from the third quarter of FY 2019-20.” He also said that the IMF has projected India’s GDP growth at 6.1 per cent in FY 2019-20 and 7 per cent in FY 2020-21 in it’s recent report on World Economic Outlook.