He mentioned this after India’s GDP development contracted by 7.5 per cent within the July-September quarter. The GDP had contracted by 23.9 per cent within the April-June quarter.
“Under PM Modi, India’s economy is officially in a recession for the first time ever,” he mentioned on Twitter.
Under PM Modi, India’s economic system is formally in a recession for the primary time ever.More importantly, three crore peo… https://t.co/yLHOnaUbOk
— Rahul Gandhi (@RahulGandhi) 1606484707000
“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 additionally mentioned.
India’s economic system confirmed a GDP contraction 7.5 per cent in July-September quarter and held out hopes for additional enchancment on higher shopper demand.
The gross home product (GDP) had contracted by a document 23.9 per cent within the first quarter of the 2020-21 fiscal (April 2020 to March 2021) because the coronavirus lockdown pummelled financial exercise.
The GDP contraction of seven.5 per cent in July-September compares with a development of 4.Four per cent in the identical quarter final yr.
China’s economic system grew by 4.9 per cent in July-September this yr, quicker than the three.2 per cent development in April-June 2020.
Though the contraction in July-September pushed India into its first technical recession, primarily based on data going again to 1996, a pointy restoration held out hopes for the economic system turning round earlier than the tip of the fiscal yr.