"Absolutely no cause for cheer in today's GDP numbers," says Congress leader Jairam Ramesh
May 31, 2023
New Delhi [India], May 31 : Congress leader Jairam Ramesh on Wednesday said that there is no cause for cheer after Gross domestic product (GDP) data was released by the National Statistical Office (NSO) today.
Jairam Ramesh also mentioned that deep structural problems in the Indian economy still remain.
In this regard, Jairam Ramesh took to Twitter and 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."
He also mentioned that the real problems still lie in areas of private consumption and manufacturing growth.
"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," Jairam Ramesh tweeted.
"What we have been saying since the Bharat Jodo Yatra on the deepening divide between the rich and the poor has been proven right by today's numbers and backed up in a well-researched article by Vivek Kaul where he shows that most of India are still consuming less than what they used to before the pandemic, whereas the well-to-do are doing much better than before. India, thanks to the Modi govt's policies, is neither consuming enough nor producing enough," he added.
Earlier today National Statistical Office (NSO) said that India's economy grew 6.1 per cent in the January-March (Q4) 2023.
The GDP growth of the country was 4.4 per cent in the October-December (Q3) 2022.
According to the government data, the growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
The Ministry of Statistics and Programme Implementation said in a release that real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore.
"Nominal GDP or GDP at current prices in the year 2022-23 is estimated to attain a level of Rs 272.41 lakh crore, as against Rs 234.71 lakh crore in 2021-22, showing a growth rate of 16.1 per cent," it said.
The release said that GDP at constant (2011-12) prices in Q4 2022-23 is estimated at Rs 43.62 lakh crore, as against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 per cent.
"GDP at current prices in Q4 2022-23 is estimated at Rs 71.82 lakh crore, as against Rs 65.05 lakh crore in Q4 2021-22, showing a growth of 10.4 per cent."
The Economic Survey document for 2022-23 released earlier this year said that India may grow at 7 per cent. The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms for 2023-24.
