Chief Economic Advisor KV Subramanian said: "We are saying again that the fundamentals of the Indian economy continue to be strong. GDP is expected to pick in the third quarter."
The Congress on Friday launched a scathing attack on Prime Minister Narendra Modi after the GDP growth for the July-September quarter hit a six-year low of 4.5%. The Congress said that all was not well and the saffron party has decimated the Indian economy. “GDP at 26-quarter low at 4.5%. Every day BJP reaches record lows — of morality, governance and statistics,” the Congress said in a tweet from its official handle.
Congress chief spokesperson Randeep Singh Surjewala said that the Indian economy is in a virtual free-fall. “India’s GDP growth has collapsed to an abysmal 4.5%. We are in a virtual free-fall. This is the lowest GDP quarter in 6 years. But why is the BJP celebrating? Because their understanding of GDP (Godse Divisive Politics) suggests double-digit growth levels,” he said.
When asked about the response to Prime Minister Narendra Modi’s recent remarks where he had said that all was well with the Indian economy (“Sab Changa Si”), Surjewala shot back with – “Sab Manda Si” (all has slowed down). He said the public investment, a measure of prosperity and spurring economic growth, was at an all-time low.
“Private investment is at an all-time low. Manufacturing is down, core sector growth is down. Public consumption is down. Rural consumption is spiraling downwards. The unemployment rate is at a 45-year high. Yet the government feels everything is okay. All is not well, all is going wrong,” the senior Congress leader said.
While the government is yet to issue a statement on the recent numbers, Chief Economic Advisor KV Subramanian said: “We are saying again that the fundamentals of the Indian economy continue to be strong. GDP is expected to pick in the third quarter.”