According to the data released by the Centre, the Indian economy has reportedly contracted by 23.9% in the last quarter and this, experts say is the most devastating fall that has been registered in decades.
This development comes in as the lockdown was imposed to contain the spread of the coronavirus upended livelihoods and businesses in late March.
According to the figures released by the National Statistical office, India showed that GDP in first quarter of 2020-21 was estimated at Rs 26.90 lakh crore, as opposed to Rs 35.35 lakh crore in first quarter of 2019-20. This meant a contraction of 23.9% as compared to 5.2% growth in Q1 2019-20.
Hitting out at the government, Congress Leader and MP Rahul Gandhi said that his previous warnings to the government over India’s economic situation were ignored.
Gandhi took to Twitter and shared his old video from March where he warned the central government of the ‘upcoming economic tsunami’.
GDP reduces by 24%. The worst in Independent India's history.— Rahul Gandhi (@RahulGandhi) August 31, 2020
Unfortunately, the Govt ignored the warnings.
GDP 24% गिरा। स्वतंत्र भारत के इतिहास में सबसे बड़ी गिरावट।
सरकार का हर चेतावनी को नज़रअंदाज़ करते रहना बेहद दुर्भाग्यपूर्ण है। pic.twitter.com/IOoyGVPLS2
Besides Rahul Gandhi, senior Congress Leader and India’s former Finance Minister P Chidambaram also criticised the central government over the GDP.
Chidambaram hit out at Finance Minister Nirmala Sitharaman, who in the 41st meeting of the GST Council last week, said that the coronavirus pandemic was an ‘Act of God’ and that the lockdown might result in contraction of the economy this fiscal.
Don’t blame god. In fact you should thank god. God has blessed the farmers of the country. The pandemic is a natural disaster. But you are compounding the pandemic, a natural disaster, with a man-made disasterP Chidambaram, Ex Finance Minister
Chidambaram also hit out at the Modi-led government over the Rs 20 lakh crore economic package which was announced to help people tide over the economic impact of the pandemic. The former Finance Minister slammed the government and called it ‘a joke’.
Soon after the GDP data was released, twitter was taken by storm. #ResignNirmala began trending, calling for the resignation of Union Finance Minister Nirmala Sitharaman over the shrinking GDP.