Congress dismisses Q1 GDP growth as 'Greatly Distorted Picture'
Congress's Jairam Ramesh calls Q1 GDP data a 'Greatly Distorted Picture', citing weak investment, low consumer confidence and inequality.
The Congress party on Monday challenged the credibility of the 7.8% GDP growth recorded for the April-June quarter, with communications chief Jairam Ramesh branding the official numbers a "Greatly Distorted Picture" of the economy.
In a post on X, Ramesh argued that the headline growth figure fails to capture what he described as a "decidedly depressed" private investment sentiment among both domestic and foreign investors. He also pointed to consumer confidence, which he said has slipped to its lowest level since the COVID-19 pandemic, alongside rising prices for household essentials and persistently high educated unemployment.
Ramesh cautioned against what he termed "premature celebration" by the Prime Minister over the growth numbers. He further flagged a widening trade deficit with China, falling household savings and record levels of household debt as indicators of underlying stress.
The Congress leader also alleged that economic concentration in key sectors has worsened inequality, claiming that the wealth of India's five richest families has grown sharply even as real wages have declined.