India loses fastest growing economy tag after sharp growth slowdown
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http://www.moneycontrol.com/news/bu...e-verge-of-anarchy-manish-tewari-2295549.html
Indian economy on the verge of anarchy: Manish Tewari
"Looking at the GDP figures released yesterday, it is now very much clear that the Indian economy has collapsed completely under the NDA's three-year rule, as the growth rate has remained at just 6.1 per cent in the quarter ending March. It shows that the economy was hit badly by the decision of demonetisation," Tewari said in a press conference here.
Senior Congress leader Manish Tewari hit out at the Narendra Modi-led NDA government saying the country's economy was currently going through the worst phase in decades and was on the "verge of anarchy".
"Looking at the GDP figures released yesterday, it is now very much clear that the Indian economy has collapsed completely under the NDA's three-year rule, as the growth rate has remained at just 6.1 per cent in the quarter ending March. It shows that the economy was hit badly by the decision of demonetisation," Tewari said in a press conference here.
Citing the GDP growth figures released yesterday, Tewari said the performance of Indian economy has been the worst in the past 37 years.
"Even these figures are jugglery, as the Modi government has changed the base year for GDP calculation from 2004-05 to 2011-12. If you take into account 2004-05 as the base year, GDP growth would come down to just 4.1 per cent. This is the worst ever performance in the last 37 years," Tewari said.
"The economy is on the verge of anarchy. Non performing assets are touching new heights. The Centre has no clear policy to recover the NPAs of over Rs 12 lakh crore from defaulters. The economy is down because of the note-ban, inspector-raj and economic mismanagement," the former Union minister said.
The Congress leader also hit out at the Centre on the issue of internal security and foreign policy.
"Internal security is crippled under the BJP rule. The situation in Kashmir is more dangerous now than it was in 1979. Naxal activities are also spreading fast. However, even after three years, the BJP government has failed to formulate or execute any concrete policy to tackle it," he said.
Commenting on the foreign policy, he said India has lost its grip as the country's old friends like Russia are now getting cozy with Pakistan.
"When India raised its voice against China's plans to access Azad Kashmir under the 'One Belt One Road' initiative, no country except Bhutan supported us. Even our old friend Russia has started conducting joint military exercise with Pakistan. This is the state of our foreign policy today," he said.
When asked about Congress' strategy to tackle BJP in the 2019 Lok Sabha elections, Tewari said the upcoming presidential polls would help the party form a broad vision for the general elections.
"The process of formulating a strategy for the 2019 polls would begin during the presidential polls. This election for choosing the country's next president would help us in articulating our vision for 2019," Tewari said.
Indian economy on the verge of anarchy: Manish Tewari
"Looking at the GDP figures released yesterday, it is now very much clear that the Indian economy has collapsed completely under the NDA's three-year rule, as the growth rate has remained at just 6.1 per cent in the quarter ending March. It shows that the economy was hit badly by the decision of demonetisation," Tewari said in a press conference here.
Senior Congress leader Manish Tewari hit out at the Narendra Modi-led NDA government saying the country's economy was currently going through the worst phase in decades and was on the "verge of anarchy".
"Looking at the GDP figures released yesterday, it is now very much clear that the Indian economy has collapsed completely under the NDA's three-year rule, as the growth rate has remained at just 6.1 per cent in the quarter ending March. It shows that the economy was hit badly by the decision of demonetisation," Tewari said in a press conference here.
Citing the GDP growth figures released yesterday, Tewari said the performance of Indian economy has been the worst in the past 37 years.
"Even these figures are jugglery, as the Modi government has changed the base year for GDP calculation from 2004-05 to 2011-12. If you take into account 2004-05 as the base year, GDP growth would come down to just 4.1 per cent. This is the worst ever performance in the last 37 years," Tewari said.
"The economy is on the verge of anarchy. Non performing assets are touching new heights. The Centre has no clear policy to recover the NPAs of over Rs 12 lakh crore from defaulters. The economy is down because of the note-ban, inspector-raj and economic mismanagement," the former Union minister said.
The Congress leader also hit out at the Centre on the issue of internal security and foreign policy.
"Internal security is crippled under the BJP rule. The situation in Kashmir is more dangerous now than it was in 1979. Naxal activities are also spreading fast. However, even after three years, the BJP government has failed to formulate or execute any concrete policy to tackle it," he said.
Commenting on the foreign policy, he said India has lost its grip as the country's old friends like Russia are now getting cozy with Pakistan.
"When India raised its voice against China's plans to access Azad Kashmir under the 'One Belt One Road' initiative, no country except Bhutan supported us. Even our old friend Russia has started conducting joint military exercise with Pakistan. This is the state of our foreign policy today," he said.
When asked about Congress' strategy to tackle BJP in the 2019 Lok Sabha elections, Tewari said the upcoming presidential polls would help the party form a broad vision for the general elections.
"The process of formulating a strategy for the 2019 polls would begin during the presidential polls. This election for choosing the country's next president would help us in articulating our vision for 2019," Tewari said.
terranMarine
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And i thought Indian economy is gonna hit double digit growth for decades to come
ashok321
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Look who is downgrading India's growth projection for the year 2018:
RBI lowers growth forecast to 7.3% for FY18:
They know and have all the parameters to speak upon this mess.
RBI lowers growth forecast to 7.3% for FY18:
They know and have all the parameters to speak upon this mess.
AndrewJin
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From PDF RSSers, it seems that india is the world's leader in everything.....
The truth is:
https://defence.pk/pdf/threads/over...h-in-next-2-years-expected-from-china.500140/
In fact, about 35.2% of global GDP growth will come from China over this period of time, putting the country’s economic output $2.3 trillion higher.
What?
2 years 2.3 trillion dollars?
Apology for my previous comment (I claimed China would add an entire indian GDP every 3-4 years)
I am wrong.
China will add 2.3 trillion dollars for the next 2 years!
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terranMarine
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@AndrewJin Holy Sh!t 2.3 trillion and China doesn't need double digit growth to achieve this.
AndrewJin
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But according to PDF RSSers, the rest of the world is shrinking.......
They probably do not know even US is adding entire indian economy every 4 years.....
Don't worry, to catch up with China by 2020, India only needs to grow at 55-60% per year.
Nilgiri
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Yeah when measured in US dollars. People use the US dollar all throughout their daily lives in China or something? 
Trade demand for currency (not printed by your own bank) applied to whole internal economy is never a 1:1 correlation....not even close.
But of course there is not even one economics expert from China in this forum to talk about it.
Trade demand for currency (not printed by your own bank) applied to whole internal economy is never a 1:1 correlation....not even close.
But of course there is not even one economics expert from China in this forum to talk about it.
AndrewJin
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They will in 2012.
RSSers firmly believe the power of PPP.
They will use PPP to buy Lenovo computers and DJI drones in 2012!
No, they're not even close.
Indian poverty rate in 2011 at $1.90 PPP a day: 21.2% http://povertydata.worldbank.org/poverty/country/IND
Pakistan poverty rate in 2011 at $1.90 PPP a day: 7.9% http://povertydata.worldbank.org/poverty/country/PAK
2011 was the year the data was available for both countries. Pakistan also has 6.1% poverty rate in 2013 but there is no 2013 data available for bharat.
MultaniGuy
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Nilgiri
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World bank poverty measurements is undergoing massive overhaul currently.
http://pubdocs.worldbank.org/en/109701443800596288/PRN03Oct2015TwinGoals.pdf
Cross country comparison across different surveying and sampling standards esp with the older (less standardised systems) is faulty.
Worth reading:
https://defence.pk/pdf/threads/afgh...inks-with-pakistan.427611/page-8#post-8262330
Nilgiri
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According to OPHI's MPI index, India's poverty rate is 41.3%.
a) OPHI has quoted many times that cross country comparisons are invalid
b) The data used dates from like 2005/06 for India, look at their spreadsheet.
The most recent (2015) OPHI MPI Index data for India is taken from 2005/06 whereas Bangladesh is from 2012, Pakistan also much more recent.
You can check yourself on the spreadsheet:
http://www.ophi.org.uk/multidimensional-poverty-index/mpi-2015/mpi-data/
The UN HDRO Multidimensional poverty suffers from something similar, they admit some of their underlying survey data is from as early as 2005:
http://hdr.undp.org/en/faq-page/multidimensional-poverty-index-mpi#t295n2429
Thats why they clearly say:
The MPI relies on the most recent and reliable data available since 2005. The difference in dates limits direct cross-country comparisons, as circumstances may have improved, or deteriorated, in the intervening years. This is the reason why we do not rank countries based on the MPI value.
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