The obsession with GDP eliminates the relevance of social development as a qualitative index determining holistic growth, elaborate Amit Kapoor and Manisha Kapoor.
Since the recent growth figures disclosing the deceleration in the Gross Domestic Product (GDP) have been made public, the debate among policymakers and economists in India has been revolving around the economic slowdown – garnering unwarranted criticism for the current government as this variability in the growth rate is a regular trend for developing economies. The Indian economy has itself experienced slumps in GDP growth in its recent past. In 2000, the GDP growth plummeted to 3.84 from 8.85 in 1999 and then bounced back to 4.82 in 2001. Then again, 2010-12 was a period of deceleration where the growth fell from 10.26 to 5.45 followed by its escalation to 6.38 in 2013.