Rajasthan CM: Decline in GDP growth rate is an indication of economic recession

Rajasthan Chief Minister Ashok Gehlot on Saturday asked whether the decline in GDP growth rate was not an indication of economic recession. "India's GDP growth rate for the second quarter of the present financial year has fallen to 4.5 percent, which is the lowest in the last six years. GVA growth has also dipped drastically," Gehlot tweeted. "This is the 5th consecutive quarter to see such a fall. If this is not an economic recession, then what is?" the chief minister asked. India's economic growth slipped further to hit an over six-year low of 4.5 percent in July-September, according to official data released on Friday.

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"They lack knowledge, are averse to seeking advice from experts and are following trial and error method. Selling off assets and emptying reserves is their only idea of managing economy. "In such a situation, who would believe their boast of making India a 5 trillion dollar economy?" Gehlot asked.

Soon after the government had announced demonetization, former Prime Minister Manmohan Singh had warned that it could lead to a decline in GDP by two percentage points. "His cautioning has come true. GDP is on a downward spiral and we see no hope that the situation would improve in the near future," the chief minister said. "The first six months of NDA government's second term can only be defined as a total failure in front of the economy. GDP going down, all sectors of the economy in decline, the rural economy destroyed, unemployment rising. Worst is, they do not even realize how their erroneous policies are destroying the economy," Gehlot said. Manmohan Singh led the nation to growth, prosperity and high GDP growth as prime minister during UPA rule, he said. 

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