'Modi’s actions have turned our strength into weakness': Rahul Gandhi on India's economy
- Rahul Gandhi said that India has entered into a recession for the first time in history
- He blamed PM Narendra Modi for his economic policies
- According to a recent report, the economy of India has shrunk for a second straight quarter
Targetting the central government for its handling of the economy, Congress leader Rahul Gandhi on Thursday said that India has entered into a recession for the first time in history because of the governance of Prime Minister Narendra Modi.
Referring to a recent report by the Reserve Bank of India (RBI), Gandhi tweeted, "India has entered into recession for the first time in history. Mr Modi’s actions have turned India’s strength into its weakness."
According to a report by a team of economists that includes Michael Patra, the deputy governor in charge of the RBI's monetary policy, the economy of India has probably shrunk for a second straight quarter, pushing the nation into an unprecedented recession, reported Bloomberg.
The GDP of India contracted by 8.6% in the quarter ending September, showed the 'nowcast', an estimate based on high-frequency data, published by the RBI for the first time. The official data is yet to be released by the government.
The economy of India in the April-June quarter slumped by nearly 24%.
The Indian economy will return to growth in the October-December quarter, the report said, if this upturn is sustained. This would be earlier than projected by RBI Governor Shaktikanta Das in October where he had pledged to keep monetary policy accommodative.