No cause to cheer in the GDP numbers, says Congress

No cause to cheer in the GDP numbers, says CongressMay 31, 2023New Delhi, May 31 (IANS) The Congress on Wednesday hit back at the government after the GDP numbers were released saying that there is absolutely no cause to cheer in them.In a tweet, Congress General Secretary and communications in-charge Jairam Ramesh said: “The economy is not a film like QSQT – Quarter Se Quarter Tak. There is absolutely no cause for cheer in today’s GDP numbers. They will be spun, but deep structural problems on the double engines of investment and consumption remain”. “The headline GDP growth is rather meaningless as the real worry lies in the following two numbers: 1. Private consumption – the biggest part of the economy – has grown only by a measly 2.8 per cent at constant prices in Q4. 2. Annual manufacturing GVA growth – the backbone of job creation – has fallen sharply from 11.1 per cent to 1.3 per cent”.Ramesh said that the country, “thanks to Modi government’s policies, is neither consuming enough nor producing enough”.India’s economic growth rose to 6.1 per cent in the fourth quarter (January-March) of 2022-23, a significant rise from 4.4 per cent seen in the third quarter (October-December), according to data released by the Ministry of Statistics and Programme Implementation on Wednesday.However the growth in real GDP during 2022-23 is estimated to be lower at 7.2 per cent as compared to 9.1 per cent in 2021-22, the data said. The GDP growth was 6.3 per cent in the September-quarter of 2022-23.–IANSaks/vd