New Delhi, Aug 31: Various growth parameters indicate that India continues to be the fastest-growing economy in the world and the country’s GDP data for the first quarter of the current fiscal should come at around 8 per cent, thanks to “Modinomics”, the BJP said on Thursday.
The increase in both rural and urban demand, the consumption pattern, the Goods and Services Tax (GST) collection and various other parameters provide “very good indications” for the future, Bharatiya Janata Party’s (BJP) national spokesperson Syed Zafar Islam told a press conference at the party headquarters here.
“With festivals approaching, there will be further increase in demand. The economy of the country will be in a much better position. The growth momentum will also increase further,” he said, giving credit to “Modinomics” — Prime Minister Narendra Modi’s economic vision.
“The GDP data for the first quarter is going to come today. I don’t know what the figure will be, but the speed of growth indicates that it will be around 8 per cent,” the BJP leader said.
He said 8 per cent is a “fabulous” number and added that “it only shows that India’s economy is not just growing, but growing at a very fast pace”.
India continues to be the fastest-growing economy in the world while the economy of other countries, including that of China, is contracting, Islam said. The BJP spokesperson said Prime Minister Modi has taken several “decisive and visionary” decisions to strengthen the country’s economy with “special focus” on increasing the income of people.
“There is no inflation in the country due to the policies of our government. Slight inflation that happens due to seasonal factors is also now under control,” he said “People’s income is increasing. Consumption indicates increase in income. People are in a better position today,” Islam said.
He added that the prime minister has also taken several “key initiatives” in the social welfare sector. “Over the past nine and a half years, Prime Minister Modi has rolled out as many as 313 public welfare schemes and programmes which have empowered the poor and needy across the country,” Islam said.
The Modi government has “successfully” faced several challenges in the past nine and a half years, turning “challenges into opportunities”, the BJP leader said.
”The manner in which Prime Minister Modi has secured our nation and also given a fillip to our economy, the entire world is awestruck and appreciates his efforts,” he added.
The Congress on Thursday took a swipe at the government over the GDP numbers for the first quarter of this fiscal, saying the only growth that the people of India are worried about is rising prices, increasing unemployment, and the growing income inequalities.
Congress general secretary Jairam Ramesh said the year’s Q1 GDP growth rate is the lowest in the past three years and claimed that the declining GDP growth trend is clearly visible no matter which quarter one looks at.
India recorded an economic growth rate of 7.8 per cent in the April-June quarter of 2023-24 and remained the fastest growing large economy propelled mainly by its agriculture and financial sectors, government data showed on Thursday.
“But here’s the main issue, the only growth that the people of India are worried about is the rising prices of essential commodities, increasing youth unemployment, and the growing inequality as their incomes fall.
“The PM has no answers to these hard challenges. He has squandered his mandate and wasted away the demographic dividend. Headline and image management will no longer work. India is ready to move on,” he said on X. (PTI)
