PM Narendra Modi calls 7.8% GDP growth ‘herculean feat’; Congress takes ‘Greatly Distorted Picture’ dig

In the recent April-June quarter, India's GDP grew by 7.8%, surpassing the Reserve Bank of India's prediction of 7%. Prime Minister Narendra Modi hailed this achievement as a "herculean feat," crediting the resilience of the Indian people despite challenges like oil price fluctuations and supply chain issues. The Union Home Minister, Amit Shah, echoed this sentiment, emphasizing the "visionary" leadership of the Prime Minister and the economy's "triumph over global uncertainties."

Finance Minister Nirmala Sitharaman attributed the growth to the reforms implemented by the NDA government and effective economic management. However, the Congress party took issue with the reported numbers, describing them as a "Greatly Distorted Picture" of the economy. Congress MP Jairam Ramesh highlighted that the GDP figure fails to capture the "depressed private investment sentiment, sluggish consumer confidence, soaring prices of essentials, alarming levels of educated unemployment, an unrelenting trade deficit with China, and the capture of key sectors by conglomerates."

He further pointed out that while the wealth of India's wealthiest families has surged, the real wages of salaried workers have declined, household savings rates have fallen, and debt levels have reached record highs. Meanwhile, Congress MP Pawan Khera emphasized that one quarter of 7.8% growth does not signify an economic boom.

He questioned why the prosperity of India is not translating into improved living standards for its citizens, particularly the youth facing high unemployment rates and a crumbling education system.