GDP growth a temporary pause, says Congress

Posted By: PTI
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Opposition Congress on Thursday observed that GDP growth was a "temporary pause" from the downward trend though an "encouraging sign".

Surjewala

Striking a note of caution, the Congress also said the rebound in economic growth is nothing but what it called the Modi governments "desperate spin to hide its luminous underperformance".

Locked in a keen fight with the Congress in the Gujarat assembly polls, the BJP is set to cite the uptick in the growth rate as an evidence of a strong economy under its government at the Centre when the opposition has been using GST glitches and demonetisation to attack it.

Lauding the government over the growth figures, Shah said, "Today?s GDP numbers reiterate the #IndiaUnstoppable story under PM Narendra Modi. The strong rebound in growth is a reflection of solid economic management by the Modi government."

"Indias rise in the World Banks ease of doing business rankings, upgrade by Moodys, praise by Standard & Poors and the strong growth in Q2 show that Indias rise is inevitable. The Modi governments efforts are ensuring better prospects for each Indian," he said in a statement and series of tweets.

Shah termed the growth in the manufacturing sector as a very positive sign, claiming that it will create more employment and boost the Make in India project.

The reforms by the central government were leading to a faster growth as well as creating a strong and stable economy, with increased opportunities for the poor and middle class, he added.

Former finance minister P Chidambaram said he was happy that the July-September quarter has registered a growth rate of 6.3 per cent and described it a "pause" in the declining trend of the last five quarters.

"But we cannot say now whether this will mark an upward trend in the growth rate. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion...

"6.3 per cent is far below the promise of the Modi government and far below the potential of a well-managed Indian economy," Chidambaram tweeted.

Congress head of communications department Randeep Surjewala said, "Improvement of GDP numbers is an encouraging sign, but it is just a temporary pause from the downward trend".

"Indias economic stress continues; GDP far below at 6.3 pc compared to 7.5 pc of Q2 of last year! - a close scrutiny reveals the real picture of the economic mess created by BJP Government," he said in a statement.

TMC chief and West Bengal Chief Minister Mamata Banerjee was, however, more vocal in her criticism and claimed that a growth of 6.3 per cent was "no growth".

"GDP figures out. Again no growth. No jobs. Effects of note ban scam and unplanned GST continue to damage economy. Only talking. No performance," Banerjee said in a tweet, attacking the central government.

Surjewala also said, "Modi Governments constant resort to market and arrogantly bloat on the meagre achievements by the just released GDP numbers is nothing but a desperate spin to hide its luminous underperformance."

Reversing the five quarters of slowing GDP growth, Indian economy expanded by 6.3 per cent in July-September on the back of a pick-up in manufacturing. The gross domestic product (GDP) growth had hit a three- year low of 5.7 per cent in the first quarter of 2017-18. It was 7.5 per cent in the September quarter of 2016-17.

PTI

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