Union Commerce and Industry Minister Piyush Goyal has robustly defended India's 7.8% real GDP growth recorded in the first quarter, dismissing critics as "naysayers." His remarks included an apparent jab at former Finance Secretary Subhash Chandra Garg and a former Reserve Bank governor, questioning their past tenures and economic understanding.
Goyal Rejects GDP Series Criticism
Goyal asserted that the 7.8% growth figure is a "reality," directly addressing arguments that questioned the strength of the latest numbers due to changes in the GDP series. He criticized those making such comparisons, stating, "They don't even know how to compare apples with apples," implying that critics were incorrectly comparing growth rates calculated under different base years and methodologies.
"The naysayers can say what they want, but 7.8% growth is a reality."
The minister's comments come amidst an ongoing debate among economists and former policymakers regarding the interpretation of India's growth trajectory, especially in light of revisions to the GDP series and its impact on historical data.
Addressing Employment Concerns
Beyond GDP figures, Goyal also tackled the persistent criticism that strong economic expansion isn't translating into sufficient employment opportunities. He countered this by citing direct feedback from businesses across various sectors, which, according to him, are struggling to find enough workers.
- In the textile sector, businesses in Tirupur reportedly asked for 100,000 more people, promising to skill and employ them.
- Infrastructure major Larsen & Toubro, when questioned about slower expansion, cited a lack of available personnel.
Goyal emphasized the government's desire for more infrastructure companies to execute the substantial pipeline of investments in the sector, indicating that a lack of human resources, not projects, was a bottleneck.
Sharp Criticism for Persistent Skeptics
The minister reserved his sharpest criticism for those he believes are repeatedly questioning India's economic performance without valid grounds.
"The naysayers, who somehow cannot possibly digest that they themselves are the only jobless people left," Goyal stated, adding that their only remaining job was to appear on television panels and "concoct or manufacture an argument."
He concluded by asking whether the country needs "negativity" or "leaders who bring vision, leaders who bring positive energy, leaders who are looking for a brighter future for our children," reinforcing the government's stance on India's economic expansion, investment, and employment opportunities.