With Prime Minister Modi, India’s economy in recession for the first time: Rahul Gandhi | India News
He said this after India’s GDP growth contracted 7.5 percent in the July-September quarter. GDP had contracted 23.9 percent in the April-June quarter.
“Under Prime Minister Modi, India’s economy is officially in recession for the first time,” he said on Twitter.
Under Prime Minister Modi, India’s economy is officially in recession for the first time. More importantly, 3 crore peo… https://t.co/yLHOnaUbOk
– Rahul Gandhi (@RahulGandhi) 1606484707000
“More importantly, 3 million people are still looking for work under the MNREGA. You cannot order the economy to grow by dictates. First, PM must understand this basic idea,” he also said.
The Indian economy showed a 7.5 percent GDP contraction in the July-September quarter and held hopes for further improvement in better consumer demand.
Gross domestic product (GDP) had contracted by a record 23.9 percent in the first quarter of fiscal 2020-21 (April 2020 to March 2021) as the coronavirus lockdown hit economic activity.
The GDP contraction of 7.5 percent in July-September compares with growth of 4.4 percent in the same quarter last year.
China’s economy grew 4.9 percent in July-September this year, faster than the 3.2 percent growth in April-June 2020.
Although the contraction in July-September pushed India into its first technical recession, based on records dating back to 1996, a strong recovery kept hopes that the economy will recover before the end of the fiscal year.