Congress Criticizes Government's GDP Growth Amidst Low Private Investment

The Congress party criticized the government following a reported six-quarter high GDP growth of 8.2% in India, citing unsustainable high growth rates and inadequate private investment momentum. Despite positive manufacturing growth influenced by GST cuts, concerns remain over low Gross Fixed Capital Formation and unrealistic inflation figures.

The Congress party has criticized the government regarding the recently reported GDP growth rates, which recorded a six-quarter high of 8.2% during the July-September period. The opposition argues that such figures are disappointing and unsustainable without renewed momentum in private investment.

This political critique follows the timing of the publication, coming soon after an IMF report that rated India's national statistics lowly. Congress General Secretary Jairam Ramesh noted the disparity between the reported GDP deflator with an inflation rate of merely 0.5% and the reality faced by households amid climbing consumer costs.

While government data shows manufacturing growth, driven by anticipated consumption boosts post-GST cuts, there remains skepticism over long-term economic stability due to stagnant Gross Fixed Capital Formation and insufficient private investment.

(With inputs from agencies.)