Actual annual GDP of Modi govt 5.4 per cent, only quarterly growth being highlighted: Congress

The prime minister and finance minister are repeatedly talking up the ‘transformative GDP growth in India’ based only on numbers for Jul-Sep 2023, says Jairam Ramesh

Jairam Ramesh has alleged a disparity between actual and quarterly growth rates for the Indian economy (photo: IANS)
Jairam Ramesh has alleged a disparity between actual and quarterly growth rates for the Indian economy (photo: IANS)
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IANS

The Congress on Sunday took a shot at the Centre, saying it was talking about ‘transformative GDP growth in India’ based only on the recent quarterly growth numbers, and said the annual average GDP growth rate so far under Narendra Modi as prime minister was 5.4 per cent.

In a post on X, Congress general secretary Jairam Ramesh said, "The Prime minister and finance minister are repeatedly talking up the ‘transformative GDP growth in India’ based on the recent numbers for July-September 2023. But if you leave aside quarterly growth numbers, which could be high or low for a number of reasons. What matters a lot more - to understand how well the economy is doing - is annual growth rates over a longer period of time."

"Annual average GDP growth rate when Dr. Manmohan Singh was prime minister: 8.1 per cent.

Annual average GDP growth rate so far under Mr. Narendra Modi as prime minister: 5.4 per cent. Which is truly transformative?" Ramesh asked.

His remarks came after Union finance minister Nirmala Sitharaman on Thursday said India's second-quarter growth is the highest in the world as the country continues to be the fastest-growing economy.

The minister made the remarks while replying to a debate in the Rajya Sabha on the economic situation in the country, which was held over three days with the participation of a large number of members.

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