Chennai: Attacking the government over the state of the economy, the Congress said the people have been hit by the ‘double whammy’ of low growth and high inflation for which the Modi government’s ‘gross mismanagement’ is responsible.
The attack came after the Indian economy, which had been contracting for two quarters in a row, recorded a positive growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed.
Congress’ chief spokesperson Randeep Surjewala said the third quarter GDP data proves yet again that fault lines in the Indian economy are more visible than ever before.
The economy has grown by a mere 0.4 per cent in the third quarter of financial year 2020-21, which is far below estimation, he said.
“What continues to be an area of concern, however, is the advance estimates for the entire financial year. Central Statistics Office (CSO) has lowered GDP growth rate for FY2020-21 from its previous estimated minus 7.7 per cent to now minus eight per cent,” Surjewala said.
It is also important to point out that Q1 GDP has now been revised lower to minus 24.4 per cent from the previous reported contraction of minus 23.9 per cent, he said in a statement.
“Clearly, the ill planned and poorly executed lockdown took a huge toll on the economy, which was already suffering from the twin body-blows of demonetisation and the ill-conceived GST,” the Congress spokesperson alleged.