New Delhi: CPI(M) general secretary Sitaram Yechury on Wednesday demanded that the government bring out a white paper on the status of the economy referred to the India Ratings and Research data which has lowered GDP growth forecast for current fiscal to 4.7 per cent.
"This is the third quarter since the growth rate has fallen in the country. If this is not recession, then what is it? The government must bring a white paper on the status of Indian economy," tweeted Yechury.
Indian economy may have slowed for the sixth consecutive quarter in July-September to 4.7 per cent, Fitch group firm India Ratings and Research said on Tuesday, as it lowered GDP growth forecast for current fiscal for the fourth time.
"Stop appeasing the rich and giving tax concessions to the corporates. Instead use these monies for public investment to increase employment, people's purchasing power while building our much-needed infrastructure," he said.
The Indian economy expanded 5 per cent in April-June, its slowest annual pace since 2013. The 4.7 per cent projection for the second quarter of the current fiscal would mark six consecutive quarters of slowing growth, a first since 2012.
This comes despite a recent series of fiscal stimulus, including a reduction in corporate tax rates.