PM talking up transformative GDP but what matters is annual growth rates over longer period: Cong

The Congress on Sunday said Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are ”repeatedly talking up” transformative GDP growth based on the recent July-September numbers but what matters more is annual growth rates over a longer period. Annual average GDP growth rate during the UPA government was 8.1 per cent against 5.4 per cent under the current dispensation, it further said.

The Congress’ attack comes after Modi said last week that the GDP growth figure for the second quarter of this fiscal displayed the resilience and strength of the Indian economy amid testing times globally.

In a post on X, Congress General Secretary Jairam Ramesh said, ”The PM and the FM 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,” he said.

”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,” Ramesh said.

Which is truly transformative, he asked.

The Congress has been attacking the government over its handling of the economy and raising concerns over ”increasing” unemployment and price rise.