A dispute erupted between the Central government and the Congress party on Wednesday. Prime Minister Narendra Modi praised India’s resilient economy, while senior Congress leader Jairam Ramesh criticized the lack of consumption and production in the country.
In a tweet, the Prime Minister highlighted the 2022-23 GDP growth figures, emphasizing the strength of the Indian economy and the optimism in macro-economic indicators. However, Ramesh expressed concern about deep structural problems affecting investment and consumption.
According to the National Statistical Office, India’s GDP growth in the January-March quarter was 4.4 percent, down from the previous quarter. The annual GDP growth for FY2022-23 was 7.2 percent, compared to 9.1 percent in FY2021-22.
Ramesh pointed out that private consumption only grew by 2.8 percent in Q4 and that manufacturing GVA growth, crucial for job creation, fell from 11.1 percent to 1.3 percent.
Amit Malviya from the Department of Information and Technology defended the GDP growth rate, attributing it to reforms undertaken in the past nine years. He emphasized India’s appeal for investment and its robust infrastructure.
Malviya criticized the economic growth rates under the Congress-led UPA government, citing high inflation rates during that period. The Ministry of Finance affirmed that India was the fastest-growing major economy in the last fiscal year and the quarter ending in March 2023.
The Ministry of Statistics and Programme Implementation reported that India’s nominal GDP for FY2022-23 grew by 16.1 percent. The real GDP for the year is estimated to reach Rs 160.06 lakh crore.
