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#ResignNirmala trends as India’s GDP plummets by record 23% in Q1

Several Twitter users took potshots at FM Nirmala Sitharaman by calling it an Act of God.

Written by : TNM Staff

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.

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.” 

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: 

With IANS inputs