Sitaram Yerchury
CPI(M) general secretary Sitaram YerchuryWikimedia commons

Communist Party of India (Marxist) general secretary Sitaram Yechury has accused the BJP government of inflating the growth rate of the Indian economy by using unreliable data.

He said the move was to project that the economy was doing well and grab global headlines.

"We have once again heard the Prime Minister and the Finance Minister speak about how well the economy is doing and it's shining prospects. But nothing will move till public investment is increased in the economy. Changing data-series may help manage global headlines for a while, but won't help fundamentals," Yechury said, PTI reported.

Yechury argued that the government's 7.4% growth rate came down to 5.2% when re-calculated on the basis of old points.

In his Facebook post,  Yechury wrote "on the basis of highly dubious data-series, our GDP growth rate has been inflated. Many commentators and economists continue to point out the deeply flawed statistical basis of such data projections," PTI reported.

The declining manufacturing growth rate and industrial production index for the months of October-November also shows decreasing employment generation, Yechury added.

He expressed concern over increasing farmer suicide cases. He also accused the NDA government of 'betraying labourers and farmers for not offering minimum support prices at least 150% of the total cost of production, PTI reported.

Yechury accused the government with expanding tax concessions to corporate sector where people suffered due to price rise. The declining Gross Domestic Capital Formation also meant diminishing investments in the Indian economy, the PTI report further stated.

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