GDP growth figures worse than anticipated, "slowdown" will have severe consequences: Jairam Ramesh
In a statement, Jairam Ramesh accused the Modi government of ignoring the «grim reality» of stagnant wages.
He also accused Prime Minister Narendra Modi of «generating hype» while people continue to live in hope.
«The GDP growth figures released last evening for July-Sept 2024 are much worse than anticipated, with India recording a measly 5.4 per cent growth and consumption similarly growing by an unimpressive 6 per cent. The non-biological PM and his cheerleaders are wilfully blind to the causes of this sharp slowdown, but a new report on 'Labour Dynamics of Indian States' released by a leading Mumbai-based financial information services company, India Ratings and Research, on November 26, 2024 reveals its real cause: stagnant wages,» Jairam Ramesh said.
He said the report uses Periodic Labour Force Survey (PLFS) data to show that overall real wage (adjusted for price rise in each state) growth at the national level has been flat at 0.01 per cent over the last five years.
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