The automobile sector is in a crisis, onion prices are skyrocketing, private investment is stagnant and exports haven’t picked up pace. According to the Central Statistics Office, these factors have led to an economic slowdown and the GDP growth rate for the second quarter of 2019-20 is just 4.5%.
News18 reports that this is the lowest growth rate since the fourth quarter of the financial year 2013. The Economic Times reports that the government has cut corporate taxes, merged banks and given a boost to privatization to revive the economy.
#GDPkeBureDin pic.twitter.com/Bt2NxLfDft
— majid patel (@Majidpatel12) November 29, 2019
Business Standard quoted Finance Minister Nirmala Sitharaman saying,
“Every step being taken is in the interest of the country. Looking at the economy in discerning view, you see that growth may have come down, but it is not a recession yet and it won’t be a recession ever.”
However, Twitter is not convinced. With the Nominal GDP growth at a decade low of 8%, hashtags like #GDPkeBureDin and #EconomicSlowdown are trending. People are lamenting the crisis with jokes and memes.
https://twitter.com/Being_Rofiq/status/1200507471812530176
https://twitter.com/AtharSky92/status/1200397500059803650?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1200397500059803650&ref_url=https%3A%2F%2Fwww.news18.com%2Fnews%2Fbuzz%2Fas-gdp-growth-rate-slumps-to-4-5-percent-netizens-bring-out-the-dankest-of-memes-2405889.html
Who ever made this meme showing Economic Condition of India should be awarded 😁#EconomicSlowdown pic.twitter.com/kNihaay2yx
— Baba MaChuvera (आत्मनिर्भर वाले) (@indian_armada) November 29, 2019
Demonetization ✔️
GST✔️
370 revocation ✔️
Triple talak✔️
Ram mandir ✔️
Meanwhile GDP: #EconomicSlowdown pic.twitter.com/ohjVbLt7xg— Atmanirbhar Bruce Wayne (@Nama_gram) November 29, 2019
Meanwhile India's GDP at 4.5.
Modi-ji and #NirmalaSitharaman trying to handle Economy. #EconomicSlowdown pic.twitter.com/6jLiO9Fi9f— Bruce_Wayne (@M__Dark_Knight) November 29, 2019
#GDP Ke Bure din pic.twitter.com/SEaZFYTfIX
— Santosh Diwate (@diwate_santosh) November 29, 2019
Nirmala tai to everyone who raise question on economy#EconomicSlowdown pic.twitter.com/ziQjNaHERh
— Isolated khopda (@roflchopra) November 29, 2019
https://twitter.com/ensi_d1/status/1200466042218110976
The new economics of new India…. #GDPkeBureDin pic.twitter.com/RcCMHoPgAU
— अंकित भारती ❁ (@Iankitbharti) November 30, 2019
BJP ke Achchhe Din =#GDPkeBureDin
— Rohan Gupta (@rohanrgupta) November 29, 2019
If Mr. India is remade in 2019, the character will be called "Vikas"#GDPkeBureDin
— Yana Mirchandani یانا میر (@MirYanaSY) November 29, 2019
PM Modi: How's the recession?
Nirmala Sitharaman: Very HIGH Sir!#GDPKeBureDin
— BH@R@T H M@LI 🇮🇳🇮🇳 15K (@BharatMali_) November 29, 2019
If the indian economy under modi had a face. #GDPKeBureDin pic.twitter.com/2Yuc7ELvUe
— Sandeep kishore 🇮🇳 (@sandeepkishore_) November 29, 2019
Don't focus on numbers, numbers never helped Einstein discover gravity#GDPkeBureDin pic.twitter.com/fytnYTsDOz
— Savagestar (@Savagestar3) November 29, 2019
Modi : How's the GDP?
Nirmala : Low, Sir#GDPkeBureDin
— Banglar Gorbo Mamata #BGM (@BengalBachao) November 29, 2019
#GDPkeBureDin pic.twitter.com/WDfSHh0ZrL
— Gandhi Mukesh Agarwal (@Mukesh4INC) November 29, 2019
We hope that the RBI announces interest rate cuts and the government implements measures to improve the growth rate of the economy.