'India shining' is baseless, says Subramanian Swamy while calling GDP figures contradictory
Subramanian Swamy explained that the growth rate of GDP minus the recovery from Corona is less than 4%
PremiumSubramanian Swamy recently claimed that he has analysed the India’s economic statistics thoroughly and said that ‘All the talk of India glowing or shining is baseless.’
Speaking about the latest GDP figures, Swamy explained that the growth rate of GDP minus the recovery from Corona is less than 4 % which is what achieved in the Nehru period.
He further added that he would be presenting these statistics shortly.
India's GDP grew by 6.1% in Q4 of FY 2022-23, according to official data from the National Statistical Office. This marked an increase from the 4.4% growth in the previous quarter, surpassing street expectations of 5.5% growth. For the entire fiscal year, the economy's growth rate stood at 7.2%, higher than the central bank's projection of 7%. However, the growth rate was slower compared to the 9.1% recorded in FY 2021-22.
"Real GDP or GDP at Constant (2011-12) prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ₹149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22," the statistics ministry said in a release.
"Nominal GDP or GDP at current prices in the year 2022-23 is estimated to attain a level of ₹272.41 lakh crore, as against ₹234.71 lakh crore in 2021-22, showing a growth rate of 16.1 percent," added the statistics ministry.
The agriculture sector witnessed a sharp up-tick in January-March, as its gross value added (GVA) growth jumped to 5.5 per cent from 4.7 per cent the previous quarter and 4.1 per cent in the first quarter of 2022. The manufacturing sector saw a sharp slowdown in growth to 1.3 per cent in FY23 compared to 11.1 per cent in the previous fiscal.
The construction sector also slowed down to 10 per cent growth in FY23 compared to 14.8 per cent in FY22. Additionally, public administration, defence and other services sector registered a growth of 7.2 per cent in FY23, moderating from 9.7 per cent in FY22.
(With inputs from agencies)
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