Gross domestic product Not Bible or Ramayana, Won't be Relevant in Future: BJP MP Nishikant Dubey's Bizarre Claim in Lok Sabha

This comes days after India's total national output (GDP) development rate slipped to 4.5% for the July-September quarter of the continuous budgetary year. This is the least since the January-March quarter of 2013. 

New Delhi: Bharatiya Janata Party's (BJP) Member of Parliament, Nishikant Dubey, on Monday said in the Lok Sabha that the nation's GDP development rate won't be applicable later on. 

"Gross domestic product was presented in 1934. There was no such idea before that. You can't think about GDP as the honest to goodness truth. It isn't Bible, Ramayana or Mahabharata. Gross domestic product won't stay valuable later on," said the Member of Parliament from Jharkhand's Godda. 

This comes days after India's (GDP) development rate slipped to 4.5% for the July-September quarter of the continuous monetary year. This is the most minimal since the January-March quarter of 2013. 

The GDP development rate gauges how quick the economy is developing. Basically, GDP gauges the financial yield of a country. The GDP development rate is the most significant marker of monetary wellbeing. At the point when the economy is extending, the GDP development rate is certain. 

On the off chance that it's contracting, at that point organizations hold off putting resources into new buys. There is delay in contracting new representatives until there is certainty that the economy will improve. These postpones further discourage the economy. Without employments, buyers have less cash to spend. 

"In current occasions, it is feasible monetary welfare of residents that should be focused on. Rather than GDP, it is increasingly significant whether economical improvement is occurring. Bliss of everyone is increasingly significant," he included. 

India doesn't appear to do well as far as joy as well. The world satisfaction report for 2019 set India at the 140th situation, down seven spots from where it remained in 2018. 

In the interim, this is the fifth successive quarter to have seen a fall in GDP. 

The ostensible GDP development for the subsequent quarter additionally tumbled to 6.1% when contrasted with 8% in the past quarter. The GVA development additionally plunged to 4.3% in examination with 4.9% in the primary quarter of the progressing budgetary year. 

Development figures for the past quarter had plunged to 5%, to a more than six-year low. GVA development excessively had tumbled to 4.9% in the last quarter as contrasted and 6.9% in a similar period a year ago. 

The assembling segment likewise saw negative development in the second quarter of the progressing monetary year. When thought about the foundation of the economy, the division developed at - 1% in the July-September quarter. 

RSS Chief Mohan Bhagwat, in July, had likewise scrutinized the utilization of GDP as a marker of the nation's monetary wellbeing. Gross domestic product is a "defective" parameter to pass judgment on economy, he had said.