Business

Amit Shah Blames 'Technical Reasons' For Lowest GDP In 3-Years

News World India | 1
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| September 10 , 2017 , 08:16 IST

For an emerging global power like India, the GDP is a crucial measurement of the growth of the nation. While the country had marked regularly increasing GDP, the last quarter marked a significant fall as the GDP growth rate fell to 5.7 percent, allegedly due to demonetisation and implementation of the Goods and Services Tax (GST), both initiatives of the NDA government.

BJP national president Amit Shah has however dismissed the fall in GDP growth rate, blaming it on 'technical reasons' as he spoke to an industry body FICCI meeting in Delhi. Shah compared that the GDP growth had increased to 7.1 percent after falling to 4.7 percent in 2013-2014 when the  Congress-led UPA was in power in the centre.

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"The Modi government has changed the way GDP is looked at as it is not only limited to production, services, and infrastructure but also includes improving overall quality of life and social capital," he said.

"Giving LPG connections to the poor, bringing electricity to every household, linking everybody with bank accounts and building new toilets also help the GDP grow," he added.

In the April-June quarter, India's GDP fell to a 3-year low to 5.7 percent, which Finance Minister Arun Jaitley said:  "is a matter of concern".

Shah added that the banks' non-performing assets (NPA), which the Narendra Modi government inherited and did not create, also acted as a drag on the economy.