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Modi calls 7.8% GDP growth a herculean feat, Congress disputes
The Indian Express··1 Sept
India's GDP grew 7.8 percent in the April-June quarter, surpassing the Reserve Bank of India's 7 percent estimate. Prime Minister Narendra Modi called the growth a herculean feat on Monday. Congress chief Jairam Ramesh described the figures as a Greatly Distorted Picture. He said private investment sentiment remains depressed. Consumer confidence fell to its lowest level since COVID.
Prism
What It Means For You
- Elevated crude oil prices, food inflation, and El Nino pose risks to India's growth outlook.
- The RBI had estimated 7 percent growth for the April-June quarter.
- Congress said household savings have fallen and debt reached record highs.
What's Happening
- India's GDP grew 7.8 percent in the April-June quarter, official data showed.
- Modi called the figure a herculean feat in a post on August 31.
- Congress chief Jairam Ramesh called it a Greatly Distorted Picture.
GDP growth debate
- Union ministers Amit Shah and Nirmala Sitharaman also praised the quarterly numbers.
- Ramesh said consumer confidence hit its lowest level since COVID.
- Congress MP Pawan Khera questioned whether growth translates into jobs.
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