'Economy grew by 1% annually in 3 yrs': Cong slams govt over GDP numbers

The Congress hit out at the Narendra Modi government on Thursday over the latest GDP numbers, saying the country's economy has grown by a meagre 1 per cent annually in the last three years.

"While the Modi Government ministers are congratulating each other over the 13.5 per cent GDP growth, the real truth is that the Indian economy has grown only 3.3 per cent in last 3 years. From Rs 35.67 trillion in Q1 FY20 to Rs 36.85 trillion in Q1 FY23. This is an annual growth rate of around 1 per cent," Leader of Opposition in the Rajya Sabha Mallikarjun Kharge wrote on Twitter.

The Congress also said on its official Twitter handle that the GDP growth in the first quarter of 2022-23 was 13.5 per cent, but the reality is horrifying.

"The reality is horrifying. Not only GDP growth, GDP itself decreased. 2019-20 Q1 GDP: Rs 35.49 lakh crore. 2020-21 Q1 GDP: Rs 27.04 lakh crore. 2021-22 Q1 GDP: Rs 32.46 lakh crore. 2022-23 Q1 GDP: Rs 36.85 lakh crore.

"Only 3.8 per cent GDP growth in 3 years. Quarterly GDP contraction. 2021-22 4th quarter GDP: Rs 40.78 lakh crore. 2022-23 Q1 GDP: Rs 36.85 lakh crore. Nearly Rs 4 lakh crore GDP missing in just 3 months," the opposition party said.

"Reduced GDP means -- factories shutting down, unemployment, poverty, starvation, malnutrition," the Congress said in another tweet.

Congress spokesperson Gourav Vallabh said, "Real GDP growth for Q1-23 has been a meagre 2.8 per cent, if we compare with pre-Covid levels. From Rs 35.85 lakh crore in 2019-20 to Rs 36.85 lakh crore. In 3 years, we've grown less than 3 per cent! Our economy requires a reset, NOW," Vallabh said in a tweet, using the hashtag "#3%_in_3yrs".

The government is expecting the economy to grow at 7-7.5 per cent in 2022-23, in line with its projections made at the beginning of the financial year.

India registered a 8.7-per cent growth in 2021-22.

"We remain on course to meet the 7.4 per cent we expect to achieve. This does not really reflect on what is expected to be the annual real GDP growth. So 7-7.5 per cent is the range and 7.4 per cent is what the IMF has predicted," Finance Secretary T V Somanathan said on Wednesday.

He was briefing reporters after the release of the GDP numbers, which showed that the economy grew by 13.5 per cent in the April-June quarter, much below the Reserve Bank of India's (RBI) projection of 16.2 per cent.