Rahul Gandhi On Recession: "PM Modi Needs To Understand..."

Rahul Gandhi On Recession: "PM Modi Needs To Understand..."

New Delhi: The Congress MP Rahul Gandhi today took a swipe at the government over the reports that the economy has gone into the recession and has crores been left unemployed, Mr. Gandhi has pointed to the basic job scheme  MNREA, which was launched by the Congres-led UPA government, as having made to reamin idle with  "three crore people still looking for work".

"Under PM Modi, India's economy is officially in a recession for the first time ever. More importantly, 3 crore people are still looking for work under MNREGA. The economy cannot be ordered to grow by diktats. PM needs to first understand this basic idea,"tweeted Mr Gandhi in what was seen as an allusion to PM Modi's often overnight announcements that result in sweeping policy changes immediately.

In November 2016 from sudden demonetisation to the announcement of the lockdown in March which leads to hardship, opposition leaders have been attacking PM Modi over the decision that they say were taken without considering their impact on the bast number of the population.

Under PM Modi, India's economy is officially in a recession for the first time ever.

More importantly, 3 crore people are still looking for work under MNREGA.

Economy cannot be ordered to grow by diktats. PM needs to first understand this basic idea.

— Rahul Gandhi (@RahulGandhi) November 27, 2020

The country's GDP also shrank for the second straight quarter through September, although it showed the signs of the pick-up after the easing of the pandemic restriction that triggered the record contraction in the previous quarter.

In the July-September period India's gross domestic product contracted 7.5 percent, as the economy rebounded from the record slump of 23.9 percent in the previous quarter due to the slowdown caused by the coronavirus pandemic.

Today's data confirms the economy's first technical recession which is the two consecutive quarters of the GDP contraction since 1996,when the country began quarterly records. The GDP reading for the second quarter of the current financial year is much better than the economist's forecasts of 8.8 percent in a poll by news agency Reuters.

The economy is yet on track to register an overall contraction if 8.7 percent over the full year,which if that were to happen,would be its worst performance in more than four decades.

The latest data brings hopes of the recovery following thousands of job losses and the majority of the workforce staying indoor, in the aftermath of coronavirus related restriction.

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