A day after BJP MP Nishikant Dubey said that GDP won’t be relevant in the future and that it shouldn’t be treated as gospel, Congress leader and former Union Minister P Chidambaram took a swipe at the saffron party’s “idea of reforms.”
“GDP numbers are irrelevant, personal tax will be cut, import duties will be increased…God save India’s economy,” Chidambaram, who is in jail in connection with his alleged role in the INX Media case, said in a tweet.
On Monday, three days after government data showed India’s GDP had slowed to 4.5 per cent in the second quarter (July-September) of the current fiscal, BJP MP Nishikant Dubey in Lok Sabha said, “GDP 1934 mein aaya issey pehle koi GDP nahi tha…… Keval GDP ko Bible, Ramayan ya Mahabharat maan lena satya nahi hai aur future mein GDP ka koi bahot zyada upyog bhi nahi hoga, (GDP didn’t exist before 1934. Only GDP cannot be considered Bible, Ramayan or Mahabharat. It won’t even be used much in the future).”
During the discussion, Lok Sabha members from various opposition parties expressed concern over the health of the economy and asked the government to take effective steps rather than “clutching at straws” to deal with the problem.
The Congress also took a dig at Dubey with the chief spokesperson, Randeep Surjewala, writing on Twitter: “God save us from such novice economists of New India!”
The GDP growth rate has now slowed for the sixth consecutive quarter with the previous low recorded at 4.3 per cent in March 2013.
The Reserve Bank of India (RBI), scheduled to announce its bi-monthly monetary policy statement on December 5, is expected to continue its accommodative monetary policy stance with another repo rate cut to support growth.