NCP''s Jayant Patil Questions Indian Economy, Cites Indicators

Mumbai, Jun 5 (PTI) Senior NCP (SP) leader and former Maharashtra finance minister Jayant Patil on Friday questioned the condition of the Indian economy and asked if the country was on the path of development or moving towards a slowdown despite the Union government's promotion of 'Amrit Kaal'.

In a statement, Patil cited what he described as worrying economic indicators, including a decline in GST collections, rising inflation projections and a moderation in GDP growth estimates.

"Amrit Kaal is being advertised, but what does the economy actually indicate?" Patil asked while pointing out that GST collections in May were nearly Rs 50,000 crore lower than in April, amounting to a drop of around 20 per cent.

Citing data released by Reserve Bank of India, Patil said inflation was projected to increase from 4.6 per cent to 5.1 per cent, while GDP growth was expected to ease from 6.9 per cent to 6.6 per cent.


The Reserve Bank on Friday lowered its GDP forecast for FY27 to 6.6 per cent from the 6.9 per cent estimated in April, citing elevated energy and other commodity prices, as well as continued supply disruptions arising from the conflict in West Asia, which are likely to weigh on economic activity.

"When inflation rises, the pace of growth slows and the purchasing power of ordinary citizens declines. The real state of the economy is visible in the market, not in government advertisements," Patil said.

The former state finance minister also claimed young people were struggling to secure jobs, industries were becoming cautious about fresh investments and household expenditure was continuing to rise.

"Therefore, the question arises whether the country is on the path of development or nearing a dangerous turn towards economic slowdown," Patil said.