On Monday, India’s GDP data was out, with the economy contracting sharply during the April-June quarter (Q1) by a record 23.9%. This is the country’s worst performance since it began reporting quarterly data in 1996. And soon enough, #ResignNirmala started trending on Twitter, calling for the resignation of India’s Finance Minister Nirmala Sitharaman over the data.
Several Twitter users took potshots at FM Nirmala Sitharaman by calling it an "Act of God".
Briefing reporters after the 41st meeting of the GST Council last week, Finance Minister Nirmala Sitharaman had said that the economy has been hit by the COVID-19 pandemic, which is an 'Act of God', and it will see a contraction in the current fiscal.
I seriously expected her to say Act of Nehru @nsitharaman who writes your speeches? Atleast Modiji has the knowledge to use words for his favour, you seem to lack basic common sense. #ResignNirmala https://t.co/ketvHEOJ4O— Archana (@archi3archana) September 1, 2020
According to the National Statistical Office (NSO), the Gross Domestic Product (GDP) at 'Constant (2011-12) Prices' in Q1 of 2020-21 is estimated at Rs 26.90 lakh crore, as against Rs 35.35 lakh crore in Q1 of 2019-20, showing a decline of 23.9%.
In financial parlance, a GDP contraction not only indicates the economy's movement towards a recession, but also underlines the reduction in purchasing power along with lower taxes for the government, higher defaults on debt and falling capex (capital expenditure) spends.
The GDP had grown by 5.2% in the corresponding quarter of FY2019-20. In the quarter just preceding Q1FY21, the economic growth was at 3.1%.
Congress leader Rahul Gandhi tweeted: “GDP reduces by 24%. The worst in independent India’s history. Unfortunately, the Govt ignored the warnings.”
GDP reduces by 24%. The worst in Independent India's history.— Rahul Gandhi (@RahulGandhi) August 31, 2020
Unfortunately, the Govt ignored the warnings.
GDP 24% गिरा। स्वतंत्र भारत के इतिहास में सबसे बड़ी गिरावट।
सरकार का हर चेतावनी को नज़रअंदाज़ करते रहना बेहद दुर्भाग्यपूर्ण है। pic.twitter.com/IOoyGVPLS2
A few users pointed out that Nirmala Sitharaman is the worst FM of India so far.
Another user wrote: “After disastrous economic policies India has Worst ever GDP fall of -23.9%. FM says it's an #ActOfGod for her incompetence. These last 6 years were just a lie about development, we need a new government!”
Here are some of the comments on Twitter:
Congratulations to Prime Minister @narendramodi for becoming the First Prime Minister in 70 Years to crash the Economy by -23.9%. Finance Minister @nsitharaman should resign. #ModiHaiToMumkinHai #EconomicCrisis#GDPGrowth— Tanisha Gupta ️ (@Connect2Tanisha) September 1, 2020
The worst GDP in Independent India's history.— Binoy (@Binoy_R) August 31, 2020
Unfortunately, the Govt is still living in their own delusional world.
Even during the global recession of 2008, Indian economy and GDP were held strong.
Resign before it's too late.#ResignNirmala#resignnirmalasitharaman@IYC pic.twitter.com/5N2IbioyJW
With IANS inputs