New Delhi, Dec 02, 2019 : BJP lawmaker Nishikant Dubey, while speaking in the Lok Sabha, dismissed the concerns regarding the slump in Gross Domestic Product (GDP) numbers, saying it’s not a true depiction of things in the country and the concept will not be of much use in future, Hindustan Times reported.
In the July-September quarter, the economy grew by 4.5%, the slowest pace of expansion since March 2013, hurt by inadequate revival in consumption and stagnant investment, with only strong government spending preventing an even steeper slowdown.
The latest numbers mark the longest continuous deceleration in gross domestic product (GDP) growth, which has been slowing for six straight quarters.
“GDP 1934 mein aaya issey pehle koi GDP nahi tha...... Keval GDP ko Bible, Ramayan ya Mahabharat maan lena satya nahi hai aur future mein GDP ka koi bahot zyada upyog bhi nahi hoga (GDP first came in 1934. But to equate the GDP as the truth much like the Bible, Ramayana or Mahabharat is not correct. The GDP will not be of much use in future),” said the MP from Jharkhand’s Godda.
The modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare. However, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a country’s economy.
In comparison to GDP, the MP placed greater importance on sustainable welfare and happiness.
“Aaj ki nai theory hai ki sustainable economic welfare aam aadmi ka ho raha hai ke nahi ho raha. GDP se zyada important hai ke sustainable development, happiness ho raha hai ke nahi ho raha (The new theory today is sustainable economic welfare of comman man. Sustainable development, happiness are far more valuable than GDP),” said the BJP MP.