New Delhi: The Congress Friday attacked the government over India’s economic growth slowing to near two-year low of 5.4 per cent in the July-September quarter of this fiscal, saying it simply shows the reality is far different from all the hype generated by Prime Minister Narendra Modi and “his cheerleaders”.
Congress general secretary in-charge communications Jairam Ramesh said Prime Minister Modi’s economic growth record remains far worse than it was under Manmohan Singh’s prime ministership even after desperate “recalculations” of earlier economic growth.
“GDP growth during July-Sept 2024 has slowed to 5.4%. It is much lower than even the most pessimistic estimates. It simply shows that the reality is far different from all the hype generated by the PM and his cheerleaders,” Ramesh said in a post on X.
The Congress leader said the GDP growth has slowed to 5.4% and private investment growth is an equally anaemic 5.4%.
“Despite the much-ballyhooed PLI scheme and claims around Make in India, manufacturing growth slowed to a shocking 2.2%. Exports have decelerated to 2.8% and imports have actually contracted -2.9%, showing serious domestic weakness. Mass consumption growth is sputtering,” he said.
“The non-biological PM’s economic growth record remains far worse than it was under Dr Manmohan Singh’s prime ministership, even after desperate ‘recalculations’ of earlier economic growth,” Ramesh said.
That is the harsh truth of so-called “New India”, he added.
India’s economic growth slowed to near two-year low of 5.4 per cent in the July-September quarter of this fiscal due to poor performance of manufacturing and mining sectors, but the country continued to remain the fastest-growing large economy, data showed Friday.
The gross domestic product (GDP) had expanded by 8.1 per cent in the July-September quarter of 2023-24 fiscal, he said.
The previous low level of GDP growth at 4.3 per cent was recorded in the third quarter (October-December 2022) of financial year 2022-23.
However, India remained the fastest-growing major economy as China’s GDP growth in the July-September quarter this year was at 4.6 per cent.
PTI
