General Secretary of the Indian National Congress Digvijaya Singh on Saturday slammed the BJP led Central government over economic slow down in the country. Taking to the microblogging site Twitter, Singh said that Prime Minister Narendra Modi did not consider Subramanian Swamy who is a Harvard-trained economist, instead preferred Nirmala Sitaraman who is a Right-Wing supporter. Singh also mentioned that if Swamy was made the Finance Minister, the Rafale deal would never have taken place.
Subramanian Swami who understands Economics is in the Dumps. Modi doesn't like "Harvard" he likes "Hard Work" the likes of Amit Shah and Nirmala Sitaraman (though a JNU alumni she has gone totally Right Wing)— digvijaya singh (@digvijaya_28) November 30, 2019
If Swami was the FM or RM, Rafale deal would never had gone through.
Earlier on Friday, in a massive blow to India's economy, India's second-quarter GDP (July-September) numbers stood at 4.5% - the slowest growth in almost seven years, as released by Central Statistics Office. The previous quarter (April-June) GDP numbers were at 5% and the Q2 (2018-2019) stood at 7%. This development comes in spite of the government's various economic moves like the merger of 9 PSU banks into 4, major corporate tax cuts, policy changes in the automobile sector, reduction in tax regulations to boost foreign income, attract investors and increase the consumer demand. The government currently follows the base year of 2011-12.
The official numbers released by the government showed that 8 core industries output in October declined by 5.8%. The Gross Value Added (GVA i.e GDP without taxes) grew 4.3% in July-September 2019 compared to Q1 when the growth was 4.9%. The recent slump in growth reflects the poor growth in the economy due to the slump in manufacturing, automobile industry, retail, agriculture.
Meanwhile, in September, in spite of the many economic boosts, the farm sector grew 2.1 percent in the second quarter of 2019-20, due to the delayed arrival of monsoon. Moreover, following a declining trend, the manufacturing sector grew by 1% indicating the stagnant demand for goods. Apart from this, the Society of Indian Automobile Manufacturers (SIAM) data stated that the sale of vehicles declined 23.7% during July-September.