New Delhi [India], Nov 29 (ANI): As the data showed the gross domestic product (GDP) slumping to 4.5 per cent in the second quarter of the current financial year, the opposition leaders on Friday mocked the Central government, saying it was clueless and directionless so far as the economy is concerned.
"India's GDP has collapsed to an abysmal 4.5 %. We are in a virtual free-fall. This is the lowest GDP quarter in 6 years. But why is the BJP celebrating? Because their understanding of GDP (Godse Divisive Politics) suggests double-digit growth levels. All in the perspective!" Congress leader Randeep Singh Surjewala said in a tweet.
While talking to reporters, Surjewala said, "Failed 'Modinomics' and a 'Pakoda Economic Vision' have sunk the Indian economy in deep 'Economic Recession'. As predicted by numerous rating agencies, it is now clear that the GDP data of the second quarter at 4.5 per cent is at 6 years low."
"We want to point out that during 10 years of Congress government, the GDP growth rate was at an average of 8.13 per cent. Even in the last year of Congress government in 2013-14, the GDP growth rate was 6.39 per cent. Let the nation compare it with the BJP's decimation of economy emanating from the bankruptcy of economic vision," he said.
"Public investment is at an all-time low. A measure of prosperity and spurring the economic growth private investment is at an all-time low, manufacturing is down, core sector growth is down, public consumption is down, rural consumption is spiraling downwards, the unemployment rate is at 45 years high, yet, the government feels everything is okay," he added.
Surjewala said the BJP and its ministers have been mocking the people of India, as also every sane economist, who has pointed out the fundamental flaws that have led to the economic recession.
"One Minister Ravi Shankar Prasad proceeds to say -- "because Salman Khan's films are doing well, the economy is okay. Commerce Minister Piyush Goyal talks about Einstein's theory to say that no need to rely upon data of the economic indicators and the third Minister, the Finance Minister Nirmala Sitharaman says -- Well, the economy is on a downward spiral, but, there is no economic recession," said Surjewala.
"Do they think that the people of India do not understand. Do they question their judgment and ability? The truth is that it is the bankruptcy of economic vision of the BJP that has led to the current state of economic recession in India. How will you address it and correct it is now for the Government to answer," he said.
In a series of tweets, Congress leader Abhishek Manu Singhvi said, "#Modi 1.0 & 2.0 plumbing heights in reverse: #Q2 at 4.5% lowest since 2013. Clueless & directionless on eco; very limited domain expertise; chest thumping digressive & divisive tactics instead of hard nosed eco Mgmt & two solar plexus blows by demon & GST hv ensured this!"
"Day is not far when Modi 2.0 wl be giving sophisticated explanations why 4.5% achievement not limited to Q2 but applies to FY 2019-20. Get ready to pine for 5.0% & 5.5% GDP as highly desirable achievements!" he added.
The Congress leader hit out saying that the true expertise of BJP and the Modi government is in the "Pragya Thakurs."
"Living in denial, delusional notions of infallibility, constructive critics seen as public enemies, vendetta politics, digressive agendas (CAB, NCR, Redoing Rajpath etc);big event management photo ops on foreign soil 2make us feel good--no less contributors 2 Q2 at 4.5% #Modi 2.0," said Singhvi.
"True domain expertise of #BJP & #Modi Govt is in the #pragya Thakurs, #balyans, #soms, #Sadhvis & so on; not in managing economy beyond 4.5% #GDP ( likely annual fig shortly) & not the 8.5% seen in #UPA times!" the Congress leader tweeted.
TMC leader Derek O' Brien too slammed the Central government and termed GDP as Gross Domestic Pain.
"Lowest GDP growth in 26 quarters! No answers from FM. No wonder, full Opposition walked out of Rajya Sabha 40 minutes into the FM's speech this week. And ministers dozed off in their seats," he said.
"Redefining GDP: Gross Domestic Pain," the TMC leader tweeted along with a picture of charts showing GDP from 2012-13 to 2019-20.
The economic growth slowed to 4.5 per cent in the July to September quarter from 7.1 per cent in the corresponding period of last year, the government data showed on Friday.
The economy had a weak performance last quarter with the GDP growth rate dropping to 5 per cent.
The slowdown in Q2 FY20 was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.
The weak GDP growth in Q2 was also caused by grim industrial output data which contracted 0.4 per cent during the quarter against 3 per cent expansion in the preceding three months. (ANI)