Wednesday, 08 January 2025
Wednesday, 08 January 2025
The National Statistical Office (NSO) estimated India’s GDP growth for 2024-25 at 6.4 per cent on Tuesday, marking the slowest pace of economic growth in four years.
This projection falls short of the Reserve Bank of India’s recent estimate of 6.6 per cent, and much lower than the 8.2 per cent growth recorded last fiscal year.
The revised figures have sparked a storm of reactions from social media users. From witty digs at the government’s economic policies to sharp critiques of shifting $5 trillion goals, users have turned the economic slowdown into a meme fest.
Here’s how the internet reacted to India’s slowing growth rate.
A reality check on numbers
One user asked for help from economists to understand the real growth rate. He asked if the top five to seven business groups and the income of the top 2 per cent were removed from GDP calculations then what would be the GDP. He estimated it to be zero to half per cent.
In December 2024, India’s leader of Opposition Rahul Gandhi had said, “the Indian economy cannot progress as long as a handful of billionaires are accruing its benefits and the farmers, labourers, middle class and the poor are struggling with various economic problems,” when it was reported that India’s GDP growth rate declined to its lowest in two years.
The past vs the future
YouTuber and former journalist Akash Banerjee said, “This is what happens when you obsessively dig into the past - rather than focus on building the future….For a developing country like India NOTHING LESS THAN 8% GROWTH EVERY YEAR will be able to provide for jobs we need or take our economy past the hyped $5 trillion mark.”
His jab seems to be aimed at the latest controversies at Sambhal and Ajmer when lawsuits were filed saying these were sites of Hindu temples and an excavation was needed to ascertain that.
The elusive $5 trillion dream
One user exposed the timeline and the shifting goal post of the $5 trillion economy goal. “2018: $5 trillion by 2022, 2022: $5 trillion by 2025, 2024: $5 trillion by… 2027?” Social media wasn’t kind to these shifting goalposts.
BJP leaders and ministers have often shifted the target of becoming a $5 trillion economy. In 2018, it was 2025. In 2024, the finance minister said in 2027-28.
Popcorn tax revisited
What does popcorn have to do with GDP? One user made a reference to the finance minister’s popcorn tax explanation in December 2024 that had left netizens questioning the government’s economic policies.
Sitharaman had taxed caramel popcorn at 18 per cent, saying that any product with added sugar is taxed differently.
“When we had educated PMs we had golden period of our GDP and we sailed through even crisis as well. What can we expect when county's finance minister take 10 mins of her so much valuable time to explain.” The user asked.
SOS call
The Mumbai unit of the Congress posted a visual of GDP slowly sinking in water and only a flag written “help” was above the water level.
“Koi to bacha lo (Someone save),” the Mumbai unit of the Congress with this illustration.
Speeches & hashtag
“From ‘5 trillion-dollar economy’ dreams to 6.4% GDP growth reality. Who needs economic growth when we have speeches and hashtags?” An user wrote implying that the government was more focussed on delivering empty promises.
A new mantra for growth?
One user quipped, “Why rush when you can walk? After all, slow and steady wins the... eventually.”
