In a bizarre statement, Bharatiya Janata Party’s (BJP) MP Nishikant Dubey on Monday (December 2) said in the Lok Sabha that the GDP growth rate will not remain very useful in the future and it should not be considered as the gospel truth.
"GDP was introduced in 1934. There was no such concept before that. You cannot consider GDP as the gospel truth. It is not Bible, Ramayana or Mahabharata. GDP will not remain very useful in the future,” said Dubey, who is MP from Jharkhand’s Godda.
Dubey said that instead of focusing on GDP, we should concentrate on the sustainable economic welfare of citizens. “In current times, it is sustainable economic welfare of citizens that needs to be concentrated on. Instead of GDP, it is more important whether sustainable development is taking place. Happiness of everybody is more important,” he added.
Dubey's remarks come days after gross domestic product (GDP) growth rate of India plummeted to 4.5% for the July-September quarter of the ongoing financial year. It is to be noted that this GDP growth rate is the lowest since the January-March quarter of 2013.
The GDP growth rate is used to measure the economic growth of a country as it measures the economic output of a nation. Notably, the GDP growth rate is accepted globally as the most important indicator of economic health. The July-September quarter is the fifth consecutive quarter to have witnessed a fall in GDP.