GDP growth underscores resilience of Indian economy amid global challenges: PM Modi

As data released by the National Statistical Office showed that the Indian economy could see an overall growth of 7.2 per cent in 2022-23, Prime Minister Narendra Modi said that the GDP growth figures underscore the “resilience” of the Indian economy amidst global challenges.

The figures showed that India registered a steady growth and emerged as one of the fastest-growing economies, at par with China and US. PM Modi took to Twitter to hail the figures.

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“This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people,” he tweeted.

NSO data showed that in the March quarter, there was a robust economic growth of 6.1 per cent leading to the annual growth rate to 7.2 per cent. Data from the NSO also revealed that the per capita income (net) rose to Rs 98,374 crore in 2022-23, up from Rs 92,583 crore in 2021-22.

The Congress, however, dismissed the figures and the party’s chief spokesperson Jairam Ramesh said that there was no cause for cheer in the GDP data. Taking to Twitter, Ramesh said, “The headline GDP growth is rather meaningless as the real worry lied in two key figures." Private consumption—the biggest part of the economy— has grown only by a measly 2.8% at constant prices in Q4… Annual manufacturing GVA growth—the backbone of job creation—has fallen sharply from 11.1% to 1.3%."

He said that most of India is still consuming less than what they used to before the pandemic, whereas the well-to-do are doing much better than before. “India, thanks to Modi govt’s policies, is neither consuming enough nor producing enough,” the tweet read.