GDP figures running commentary on economic mismanagement: Chidambaram

Source :IANS
Author :IANS
Last Updated: Sat, May 30th, 2020, 11:39:39hrs
Chidambaram

New Delhi: As India's GDP growth rate came down to 3.1 per cent in the last quarter of 2019-20 fiscal from 4.1 per cent in Q3, senior Congress leader P Chidambaram on Friday slammed the central government, saying the latest figures were a "running commentary on economic mismanagement in the country".

The former Union Finance Minister tweeted: "We had forecast that the Gross Domestic Product for Q4 will touch a new low at below 4 per cent. It has turned out to be worse at 3.1 per cent "

He said that these figures are for pre-lockdown period. Of the 91 days of Q4, the lockdown applied to only seven days of the given fiscal quarter, the Congress leader said.

"It is a telling commentary on the economic mismanagement of the government," Chidambaram added.

A massive contraction in manufacturing and construction activities pulled India's GDP growth rate down to 3.1 per cent in the last quarter of 2019-20 fiscal from Q3's 4.1 per cent and 5.7 per cent rise reported for the like period of the previous fiscal.

Consequently, India's FY20 GDP declined to 4.2 per cent from 6.1 per cent in FY19.

On a sequential basis, the quarterly growth rate has progressively come down from 5.2 per cent in Q1 of 2019-20 to 4.4 per cent in Q2 and 4.1 per cent in Q3.