On Saturday, Congress president Rahul Gandhi attacks PM Modi over its “Gross Divisive Politics” (GDP) following a day the Central Statistics Office (CSO) projected India’s economic growth rate for 2017-18 will be lower than the 7.1% achieved in 2016-17. The 47-year-old Congress leader tweeted after the Congress accused Prime Minister Narendra Modi and finance minister Arun Jaitley of ignoring economic wisdom and dealing a “catastrophic” blow to India’s growth.
Gandhi criticized the government for slow bank credit growth and low job creation. On Friday, the party spokesperson Randeep Surjewala said that the double whammy of “Modi Made Disaster of Demonetization” and the implementation of a flawed GST was responsible for the economy’s downturn. “An arrogant Prime Minister Narendra Modi and a failed finance minister Arun Jaitley, hell bent upon ignoring economic wisdom, have dealt a catastrophic blow to India’s growth story as proved by the latest GDP estimates slumping from 7.3% to 6.5%,” Surjewala said. He added that the reality had stagnated, job creation was terrible, exports were in dire straits, stalled projects were burgeoning, inflation continued unchecked and rural suffering was at record high.
“Hype, hyperbole and headline management cannot be a substitute to the grim reality on the ground,” he added. It is expected that India’s growth is set to slow down to four-year low of 6.5% this fiscal, the lowest under the NDA regime, primarily due to GST impact on manufacturing and subdued farm output. In 2016-17, the Gross Domestic Product (GDP) was 7.1% and 8% in the past year.