The Centre’s Narendra Modi government is facing widespread criticism after its own data revealed that the country’s economy had shrunk by a whopping 23.9% in the first quarter of the financial year 2020-21.
The current slump in the economy is the worst on record in India’s history with the coronavirus-related lockdowns adversely impacting the already-declining consumer demand and investment. Prime Minister Narendra Modi had announced a nationwide lockdown by giving a notice of just four hours in March.
The official data released by the government on Monday showed how the latest contraction was the sharpest slump since quarterly figures began to be published in 1996 and worse than what was expected by most analysts.
The revelation evoked a sharp reaction from the opposition leaders in India with many targeting the flawed economic policies and inept handling of the economy by the central government.
Rajasthan Chief Minister Ashok Gehlot said, “India’s Q1 GDP hs contracted by a massive 23.9%, wch is the worst contraction on record. Country’s economy is sinking since long but NDA Govt hs not taken any steps to improve situation. All suggestions, warnings ignored completely. People r suffering due to Govt’s inefficiency.”
India’s Q1 GDP hs contracted by a massive 23.9%, wch is the worst contraction on record. Country’s economy is sinking since long but NDA Govt hs not taken any steps to improve situation. All suggestions, warnings ignored completely. People r suffering due to Govt’s inefficiency.
— Ashok Gehlot (@ashokgehlot51) August 31, 2020
Many also took a swipe at Finance Minister Nirmala Sitharaman by mocking her recent statement blaming the ‘Act of God’ for the slump in the economy. Others also questioned PM Modi’s priority by taking a dig at his recent PR exercise showcasing his relationship with peacocks.
In 2008 Due to Financial crisis all countries get impacted globally except INDIA… The man stood behind Indian Economy is None other than Dr. Manmohan singh…He never used ‘ACT OF GOD ‘To hide his failure and he never failed…SINGH IS KING 👑
– 23.9% GDP#ActOfBJPFraud pic.twitter.com/kOk8wjHUMF
— Mohsin Khan (@realmohsink) August 31, 2020
-23.9% GDP contraction is not an Act of God, it’s an act of extreme incompetence & clear negligence.
This is the worse number for economy in last four decades.
You can live “Ram Bharose”
You can run a party “Ram Bharose”
But you can’t run a country “Ram Bharose”#ResignNirmala
— Anit Ghosh (@Indianit07) August 31, 2020
BJP govt gives biggest shocker to the people of India, Our Economy records lowest GDP ever.The Q1FY21 GDP is at -23.9%
This is biggest contraction globally among the major economies of the world in the aftermath of the #Covid
This is certainly not an act of god, pic.twitter.com/JxMTX0PuYG
— Karnataka Congress (@INCKarnataka) August 31, 2020
-23.9%: try to find & remember this number, because your media and Whatsapp University PhD won’t tell you!
Not in Rhea Chakraborty’s WhatsApp chats.
Not in Modi’s peacock-poses
Not related to Ram Mandirs.
*-23.9* = BJP ‘Vikas Model’ for Indian GDP👏🏽👏🏽
— Jignesh Mevani (@jigneshmevani80) August 31, 2020
Media will show Mann Ki Baat but
won’t show record breaking dislike on ‘Man Ki Baat’ and students problem
Media will praise Modi for Dog Breeds,show peacock videos but won’t criticise for increase in Covid and won’t talk about 23.9% GDP fall
99%Media is MODIA pic.twitter.com/wJAwToV5ds
— Ridhaan N (@ridhaan___) August 31, 2020
A news report by PTI said that the manufacturing shrank 39.3 %, construction contracted 50.3 %, mining output fell 23.3 % and the electricity and gas segment dropped 7 % in the same period. What’s even more frightening is the economic forecast by India’s federal bank, Reserve Bank of India, which said last week in its report that the economy was likely to contract even in the second quarter (July-September).