Saturday, July 13, 2024

Under PM Modi, India’s economy in recession first-time ever: Rahul Gandhi

Rahul Gandhi

NEW DELHI, November 27: Congress leader Rahul Gandhi on Friday said that under Prime Minister Narendra Modi, the country’s economy is in recession for the first time ever.
He said this after India’s GDP growth contracted by 7.5% in the July-September quarter. The GDP had contracted by 23.9% in the April-June quarter.
“Under PM Modi, India’s economy is officially in a recession for the first time ever,” he said on Twitter.
“More importantly, 3 crore people are still looking for work under MNREGA. Economy cannot be ordered to grow by diktats. PM needs to first understand this basic idea,” he also said.
India’s economy showed a GDP contraction 7.5% in July-September quarter and held out hopes for further improvement on better consumer demand.
The gross domestic product (GDP) had contracted by a record 23.9% in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
The GDP contraction of 7.5% in July-September compares with a growth of 4.4% in the same quarter last year.
China’s economy grew by 4.9% in July-September this year, faster than the 3.2% growth in April-June 2020.
Though the contraction in July-September pushed India into its first technical recession, based on records going back to 1996, a sharp recovery held out hopes for the economy turning around before the end of the fiscal year. (PTI)