Bizarre statements of BJP leaders about the recession continue. The latest statement in this case is of Virendra Singh Mast, MP from Ballia, Uttar Pradesh. He claimed that there was no recession in the country as people were buying jackets and coats. In a program in his constituency, Virendra said, “There have been discussions in Delhi and the world, about a recession.If there was any recession, we would have come here wearing ‘kurta’ and ‘dhoti’, not coats and jackets. If there was a recession we wouldn’t have bought clothes, pants and pajamas.”
Opposition parties are attacking the government for the slowdown of the economy. Agencies are reducing estimates of India’s growth rate. Economists are also giving its warnings. Recently, Arvind Subramanian, who was the economic advisor to the Modi government had said that the economy is moving towards the ICU. But the government says that it is not recession but lethargy. Earlier, a peculiar statement of Union Minister Ravi Shankar Prasad was also in the discussion. He said that there is no recession because films would not do much business if this happened. Ravi Shankar Prasad had said, ‘Three Hindi films are doing business of Rs 120 crores a day, so where is the recession in the country?’
For the last few years, the pace of economic development of the country has decreased significantly. In this financial year 2019-20, only 5 percent growth is expected. In the second quarter ended in September of this financial year there was a growth of only 4.8 percent. Gross domestic product i.e. GDP has been the most discussed issue of the economy in the last one year. The country’s GDP growth has reduced significantly and more than half a dozen domestic and foreign agencies have released estimates that the GDP growth rate will be around 5 percent in the current financial year 2019-20.