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Wednesday, January 19, 2022

‘Sectors of economy still crippled’: Congress leaders react to latest GDP figures

Meanwhile, CEA K V Subramanian said that India is expected to log double-digit growth in the current financial year, aided by rising demand and a robust banking sector.

By: Express Web Desk | New Delhi |
Updated: November 30, 2021 8:49:09 pm
Congress leader P Chidambaram and Randeep Surjewala in Delhi. (Express photo: Anil Sharma)

Reacting to the latest GDP numbers, Congress leaders on Tuesday targeted the government, saying that sectors of the economy continue to remain ‘crippled’.

Senior Congress leader P Chidambaram said it was not yet a V-shaped recovery. “Let us extend a cautious welcome. It is NOT yet a ‘V’ shaped recovery. The fine print will bear that out,” the former finance minister tweeted.

India’s GDP growth slowed to 8.4 per cent in the second quarter of 2021-22, official data released on Tuesday showed. The GDP growth in the April-June quarter of this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.

“In 2021-22, GDP growth in Q1 was 20.1 per cent on a previous year’s Q1 growth of -24.4 per cent. In Q2, the growth is reported as 8.4 per cent on a previous year’s Q2 growth of -7.4 per cent,” Chidambaram said, adding that there are sectors of the economy that are still “crippled” and need help and time to recover.

Congress leader Randeep Surjewala also trained guns at the Centre, saying the latest numbers reveal “continued abysmal performance of economy” and “abject failure of Modi-nomics”.

“The latest 2nd quarter GDP figures reveal the continued abysmal performance of economy & abject failure of ‘Modi-nomics’. The deeply flawed policies of Govt has ensured that the economy hasn’t even inched back to the pre-covid growth rate, which was itself very poor,” Surjewala wrote in a series of tweets.

“Even in Q2 2019-20, the GDP growth rate was a meagre 4.5%. So, even if we compare it with a slowed-down economy (as in 2019-20), the performance is abysmal this quarter,” Surjewala wrote.

Meanwhile, Chief Economic Adviser (CEA) K V Subramanian said that India is expected to log double-digit growth in the current financial year, aided by rising demand and a robust banking sector.

Subramanian also said the seminal second-generation reforms would help the country grow over 7 per cent during this decade.

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