New Delhi, Aug 31 (IANS) The Congress party has contested India’s 7.8 per cent GDP growth in the first quarter of FY 2026-27 in the face of current global uncertainties, terming it a “Greatly Distorted Picture” of the economy and “a case of premature celebration”.
Taking to social media, Congress leader Jairam Ramesh on Monday questioned the growth while painting a grim picture of the country’s economy in an ‘X’ post. “The quarterly GDP numbers, such as they are reported, present a GDP – Greatly Distorted Picture – of the economy,” he alleged, adding that they do not convey the decidedly depressed private investment sentiment in the economy — both domestic and foreign.
Jairam Ramesh, who is also the Congress General Secretary in charge of Communications, claimed consumer confidence is “very sluggish”, alleging it has hit its lowest point since the COVID pandemic “and on a relentless downward trajectory since November 2025”.
Prices of household essentials are galloping, according to the Rajya Sabha MP, who stated that unemployment among India’s educated youth stands at “alarming levels”.
Further, he said, “The unabated trade deficit with China is wreaking havoc. The capture of key sectors by a couple of big conglomerates deliberately encouraged by the PM is having deleterious effects.”
He also claimed that the wealth of “India’s five richest families” has grown by 400 per cent while the real wages of salaried workers have fallen. Household savings rates have declined, and debt has reached record highs, added Jairam Ramesh in his post.
“This is a case of premature celebration by the PM,” he said.
His reaction followed the release of the numbers for the April-June quarter, which surpassed the Reserve Bank of India’s projected 7 per cent estimate. This comes amid the West Asia crisis, high crude oil prices, supply chain disruptions and other economic fallouts.
–IANS
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