On August 31, India reported the worst quarterly contraction on record, with 23.9 per cent fall in Gross Domestic Product (GDP) for the April-June quarter (Q1), as per estimates released by the Ministry of Statistics and Programme Implementation (MoSPI). The country has officially entered a phase of recession.
Soon after the shocking numbers were out, #ResignNirmala started trending on Twitter, calling for the resignation of Finance Minister Nirmala Sitharaman over the staggering economy and the shrinking GDP.
Several Twitter users took to Twitter to call out FM Nirmala Sitharaman also citing a phrase used by her "Act of God" referring to the impact of GDP on the GST collections.
Sitharaman, on the 41st meeting of the GST Council last week had said that the coronavirus pandemic as an 'Act of God' may result in contraction of the economy this 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), a GDP contraction not only points to the economy's movement towards a recession, but also underlines the reduction in purchasing power together with lower taxes for the government and higher defaults on debt.
The GDP had expanded by 5.2% in the corresponding quarter of FY2019-20. In the quarter just preceding Q1FY21, the economic growth stood at 3.1%.
Meanwhile Congress leader Rahul Gandhi also lashed out at the BJP government over the falling GDP.
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
Demanding FM Sitharaman's resignation, Congress worker Supraj on Monday, said: "Current economic status has gone for a toss and economy has taken a drastic hit. If she can't handle it, she should resign."
Another social media 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!"
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