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Congress blames low GDP growth on Modi’s ‘reckless’ demonetisation move

India’s GDP growth dropped to a three-year low of 5.7% during April-June as manufacturing dipped ahead of the launch of GST and impact of the demonetisation lingered on in the third quarter.

india Updated: Aug 31, 2017 20:50 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Congress,India,GDP
Prime Minister Narendra Modi at Hyderabad House in New Delhi on Thursday. (PTI)

The Congress on Thursday hit out at the Modi government over the slump in the country’s economic growth, and said the decline was because of the prime minister’s “reckless” decision of demonetisation.

The party said that in the last six quarters under Prime Minister Narendra Modi, the GDP growth sank from 9.2% to 5.7%.

“The GDP numbers released for the (April-June) quarter confirms that the reckless decision of the prime minister on demonetisation and the policy defaults have led to a major crash in the Indian economy,” Congress senior spokesperson Anand Sharma said.

He said, “The country has suffered because of the ego of the prime minister, and the finance minister has failed to make amends but is happily busy being an apologist for the prime minister’s wrong decisions.”

Congress in-charge of communications Randeep Surjewala said, “GDP growth slows from over 8 % to 5.7% yet those living in glass houses of demonetisation disaster remain oblivious in their ivory towers.”

“In last 6 quarters, the economy under Modiji sank from 9.2% to 5.7%! This is by new method of calculation! Is this demonetisation success formula?” he asked on Twitter.

India’s GDP growth dropped to a three-year low of 5.7% during April-June as manufacturing dipped ahead of the launch of GST and impact of the demonetisation lingered on in the third quarter.

The expansion in the Gross Domestic Product (GDP) was 6.1% in the immediate preceding quarter and 7.9% in the corresponding period last fiscal. The previous low of 4.6% was recorded in January-March 2014.

First Published: Aug 31, 2017 20:50 IST