India’s GDP shrank by the steepest percentage ever—23.9%—in the April-June period as the coronavirus pandemic-induced nationwide lockdown battered an already slowing economy

Former Congress president Rahul Gandhi on Wednesday stepped up his attack on Prime Minister Narendra Modi over the steepest decline in the GDP since independence, Chinese transgressions in Ladakh, rising unemployment and job losses, GST dues to states and a significant increase in Covid-19 cases across the country.
“India is reeling under Modi-made disasters: 1. Historic GDP reduction -23.9% 2. Highest Unemployment in 45 yrs 3. 12 Crs job loss 4. Centre not paying states their GST dues 5. Globally highest COVID-19 daily cases and deaths 6. External aggression at our borders,” he tweeted.
India’s GDP shrank by the steepest percentage ever—23.9%—in the April-June period as the coronavirus pandemic-induced nationwide lockdown battered an already slowing economy, according to data released by the National Statistical Office (NSP).
Gandhi has been attacking the government over the present state of economy, alleging that its “ruining” started with demonetisation, which was followed by a series of “erroneous” policies of the Bharatiya Janata Party (BJP)-led government at the Centre.
Also watch: ‘How Modi govt destroyed Indian economy’: Rahul Gandhi’s new video series trailer
On Tuesday, former finance minister P Chidambaram had said the GDP estimates should be a matter of “surprise and shame” to the government that was seeing ‘green shoots’ on several days during the first quarter and did nothing to cushion the fall by taking suitable fiscal and welfare measures.
“But we know that the Modi government has no shame and will not acknowledge its mistakes. All these had been anticipated,” Chidambaram had said, addressing a joint virtual press conference with party colleague Supriya Shrinate after the provisional estimates of GDP were released for the quarter April-June 2020.
Gandhi, on Monday, released the first part of his series of videos on the state of economy, alleging that the BJP government has destroyed it by repeatedly assaulting the informal sector.
“There is an attempt to turn you into a slave,” he had said in the 3.38-minute video.
In 2008, Gandhi said, the world was hit by an economic storm, affecting the entire world, including the United States, Japan, Europe, China. In the US and Europe, banks collapsed, corporations companies shut down their businesses, but India remained unaffected, he added.
“India had a UPA government at that time. I went to the Prime Minister and asked him, Manmohan Singh ji, what is the reason that when the entire world has suffered an economic crisis India has remained unaffected?” the former Congress chief said.
“Manmohan Singh ji replied, Rahul, if you want to understand India’s economy, you will have to understand that India has two economic structures. One is the formal economy and the other is the informal economy,” he added.
Also Read: To revive the Congress, leaders must return to the grassroots
Priot to Gandhi’s fresh series on economy, he had released a five-part series on Chinese incursions in Ladakh.
Soon after the release of the video, the BJP had taken a jibe at Gandhi, saying he should release a video about the “G-23”, a reference to 23 dissenters who wrote to Congress president Sonia Gandhi seeking complete overhaul of the party organisation.
“People are trying to seize his house. There are talks of election, selection, inability to have a president… He (Rahul) should worry about it. The country is very much in safe hands. He should worry about his party,” BJP spokesperson Sambit Patra said.