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GDP is no 'Bible, Ramayana or Mahabharata' to judge economy: Dubey

Kashmir Times. Dated: 12/5/2019 10:28:11 PM

NEW DELHI, Dec 2 (Agencies): Days after India's gross domestic product (GDP) slipped to 4.5% for the July-September quarter, a Bharatiya Janata Party (BJP) MP on Monday said it shouldn't be considered the "Bible, Ramayana or the Mahabharata" to judge the economy.
Speaking in the Lok Sabha, Nishikant Dubey, the MP from Jharkhand's Godda, said: "The term GDP came only in 1934. There was no GDP before that... It won't be that useful in future, either."
"We should see if there is sustainable economic welfare available to a person. Sustainable economic development and happiness of a person are more important than GDP," Dubey said.
On Friday, the GDP hit an over six-year low of 4.5 per cent in July-September, according to official data.
The previous low was recorded at 4.3 per cent in the January-March period of 2012-13. The Gross Domestic Product (GDP) growth was registered at 7 per cent in the corresponding quarter of 2018-19.
During the six-month period (April-September 2019), the Indian economy grew 4.8 per cent as against 7.5 per cent in the same period a year ago.
In October, RSS Chief Mohan Bhagwat, too, had questioned the concept of GDP to judge the state of Indian economy.
Gross Domestic Product (GDP) is a "faulty" parameter to judge economy, he had said.
"The country is growing. But the world economy goes through a cycle, and at times it faces some hurdles that slow down the growth. Then it is called a slowdown," Bhagwat said.