Economy not film like QSQT-Quarter Se Quarter Tak; problems on investment, consumption remain: Congress

There is absolutely no cause for cheer in today's GDP numbers, Congress said

The Congress on Wednesday took a dig at the government after the latest GDP numbers were released, saying the economy is not a film like "QSQT-Quarter Se Quarter Tak" and alleged that due to the government's policies deep structural problems on the double engines of investment and consumption remain.

India's economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors, official data showed.

In a swipe at the government over the latest economic data, Congress general secretary Jairam Ramesh said, "The economy is not a film like QSQT-Quarter Se Quarter Tak. There is absolutely no cause for cheer in today's GDP numbers. They will be spun, but deep structural problems on the double engines of investment and consumption remain.

Read | GDP grows 6.1% in March quarter, 7.2% in FY23

"The headline GDP growth is rather meaningless as the real worry lies in the following two numbers: 1. Private consumption-the biggest part of the economy- has grown only by a measly 2.8% at constant prices in Q4. 2. Annual manufacturing GVA growth-the backbone of job creation-has fallen sharply from 11.1% to 1.3%."

What we have been saying since the Bharat Jodo Yatra on the deepening divide between the rich and the poor has been proven right by today's numbers and backed up in a well-researched article in which it is shown 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, Ramesh said in a long Twitter post, sharing the article.

"India, thanks to Modi government's policies, is neither consuming enough nor producing enough," he said.

In the previous 2021-22 fiscal, the economy grew by 9.1 per cent.