From the DeskCong criticizes Modi’s administration for economic survey: The Congress on Monday characterized the Economic Survey 2024 presented by finance minister Nirmala Sitharaman as a “cherry-picked view” of the Indian economy. It stated that the country’s GDP is likely to grow by 6.5 to 7% during the current fiscal year. India’s economy is in its most precarious and challenging state in a long time. The Monetary Overview 2023-24 presents a carefully selected perspective on the economy, however we trust that the upcoming Spending plan faces up to the nation’s real factors,” Congress general secretary Jairam Ramesh posted on X while sharing his explanation on the financial study postponed a day prior to Association Spending plan 2024.
What it says about GDP, inflation, and other things Congress leader Jairam Ramesh said in a statement: “The Economic Survey of 2023-24, released in advance of tomorrow’s Budget, must have been a difficult document for the non-biological PM’s spin doctors to produce” (PTI file). It tries its best to portray a rosy economy in which “all is well.” The leader of the Congress stated that food inflation continues to be unchecked at nearly 10% per year. The former Union minister stated that specific foods are experiencing rapid price increases, with cereals increasing by 11%, vegetables increasing by 15%, spices increasing by 19%, and milk increasing by 7%. The country’s GDP is expected to grow at 6.5 to 7% in the current fiscal year, according to the Economic Survey 2023–24, despite global challenges that could have an impact on exports. READ ALSO: Indian stock markets are praised by the Economic Survey: Exemplary performance’ The economic growth rate that is anticipated for 2024–25 is lower than the 8.2% growth rate that was anticipated for the previous fiscal year. GDP growth has been predicted to be 7.2% by the Reserve Bank for the fiscal year that will end in March 2025. Ramesh asserted that the Covid-19 pandemic’s economic recovery has been extremely uneven. India’s rural areas have fallen behind. One of the most important indicators of consumer demand and economic expansion, rural two-wheeler sales are still lower than they were in 2018,” he added.
The Congress leader said that the Modi administration’s “abuse of import-export policy,” which included “unplanned and unjustified export bans” and a “flood of cheap imports,” had been blamed for hurting farmer incomes. India’s manufacturing capabilities have also been decimated as a result of trade policy failure, he added.
Inika Manohar
