GDP numbers paint ‘greatly distorted picture’ of economy, says Congress

The Congress on Monday questioned the government’s celebration of the latest quarterly GDP numbers, saying headline growth figures masked weak private investment, falling consumer confidence, high educated unemployment, declining household savings and rising debt, and accused Prime Minister Narendra Modi of “premature celebration”. Congress general secretary and Rajya Sabha MP Jairam Ramesh sought to turn the GDP acronym on its head, saying the quarterly numbers presented a “GDP – Greatly Distorted Picture” of the state of the economy. “The quarterly GDP numbers, such as they are reported, present a GDP – Greatly Distorted Picture – of the economy,” Ramesh said….