“GDP growth during July-Sept 2024 has slowed to 5.4%. It is much lower than even the most pessimistic estimates. It simply shows that the reality is far different from all the hype generated by the PM and his cheerleaders,” Ramesh said.
Data from the National Statistics Office (NSO) showed the 5.4% growth rate falling short of the CNBC-TV18 poll estimate of 6.5%, marking a steep decline from 8.1% in the same quarter last year and 6.7% in the previous quarter. Gross Value Added (GVA) also underperformed, growing at 5.6%.
Private consumption saw a modest rise to 6% from 2.6% year-on-year but lagged behind the previous quarter’s 7.4%. Government consumption slowed to 4.4%, a sharp drop from 14% growth last year. Investment, measured by Gross Fixed Capital Formation, grew at just 5.4%, down from 11.6% a year ago.
Ramesh further criticised the government’s flagship initiatives, pointing to sluggish manufacturing and trade.
“GDP growth has slowed to 5.4%, and private investment growth is an equally anaemic 5.4%. Despite the much-ballyhooed PLI scheme and claims around Make in India, manufacturing growth slowed to a shocking 2.2%. Exports have decelerated to 2.8%, and imports have actually contracted -2.9%, showing serious domestic weakness. Mass consumption growth is sputtering,” he added.
Taking a swipe at the Prime Minister, Ramesh remarked, “The non-biological PM’s economic growth record remains far worse than it was under Dr. Manmohan Singh’s prime ministership, even after desperate ‘recalculations’ of earlier economic growth. That is the harsh truth of so-called ‘New India.’”
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(Edited by : Anand Singha)
