New Delhi [India], September 1 : Congress leader Jairam Ramesh on Monday said that the latest GDP figures present a "Greatly Distorted Picture of the economy" and that consumer confidence is "very sluggish", prices of household essentials are galloping and educated unemployment is at alarming levels.
In a post on X, he said that the wealth of India's five richest families has grown by 400% while the real wages of salaried workers have fallen.
The government data released on Monday said that India saw GDP growth of 7.8% during Q1 of FY 2026-27.
"The quarterly GDP numbers, such as they are reported, present a GDP - Greatly Distorted Picture - of the economy. They do not convey the decidedly depressed private investment sentiment in the economy -- both domestic and foreign. Consumer confidence is very sluggish, hitting its lowest point since COVID and on a relentless downward trajectory since November 2025. Prices of household essentials are galloping," he said in a post on X.
"Educated unemployment is at alarming levels. 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. The wealth of India's 5 richest families has grown by 400% while the real wages of salaried workers have fallen. Household savings rates have fallen and debt has reached record highs. This is a case of premature celebration by the PM," the Congress leader added.
In his post on X, PM Modi said that the GDP growth was exemplary. He also took potshots at the opposition.
"India's exemplary GDP growth of 7.8% during Q1 of FY 2026-27 is a herculean feat. The collective strength of our people ensured India delivered such growth despite oil price shocks and supply chain issues in the midst of global uncertainties. Doomsayers were doomed and India bloomed...yet again!" he said.