The National Secretariat of the Communist Party of India issued the following statement on June 12, 2019:
The statements of Shri Arvind Subramanyam, former Chief Economic Adviser of Government of India, questioning the actual figures of GDP and claiming that actual growth is 2.5 per cent less than as claimed by the government, once again brings the fact of slowing of economic growth and fudging of figures by Modi government before and after the election. This comment by its own Ex-Chief Economic Advisor shows hollowness of claims of all round economic growth made by ruling party and its supporters.
CPI further notes that export has come down, the car market is down by 21 per cent which is highest in last 18 years and NSSO has revealed that 4 crore 30 lakh people have lost jobs in last 4 years. The official data announced recently after the election has put unemployment rate as 6.1 per cent which is highest in last 4 decades. The RBI has reported that rural consumption has gone down, it means that rural indebtedness has gone up.
The Modi government has tried to cover up these facts during election and now skeletons are coming out. The economy is in bad shape. Government has appointed a committee in its first cabinet meeting on unemployment and investments.
CPI demands that Modi government must come out with a white paper on economic situation and effect of demonetization.