Chidambaram further predicted that the growth rate in Q3 and Q4 may remain same unless there are unexpected shocks.
New Delhi| The GDP back series data published by the government two days ago had already been criticized by many. Now, the Q1 GDP growth data has become a point of discussion in the economic circles. Commenting on the GDP numbers released by the government, former Finance Minister P Chidambaram said that the numbers do not signify an increase in the growth and hence, the government should not be celebrating it.
Taking it to Twitter, Chidambaram said that he had expected a 1% decline in the GDP growth in Q2 (July-September ) of 2018-19. He said, “Q1 number was on a very low base in the previous year. It did not signify a bump in growth and did not warrant the jubilation of the BJP three months ago.”
The new normal for the Indian economy is 7 per cent and 2018-19 will be a normal year.
— P. Chidambaram (@PChidambaram_IN) November 30, 2018
Chidambaram further predicted that the growth rate in Q3 and Q4 may remain same unless there are unexpected shocks. “The new normal for the Indian economy is 7 per cent and 2018-19 will be a normal year,” he said.
According to the government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in the July-September quarter of the last fiscal.
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