On Modi's GDP ‘guarantee’, Congress MP says ‘proud'. Then points to per capita income

Congress leader P Chidambaram on Wednesday said that India's position in world economies in terms of Gross Domestic Product (GDP) “makes us proud” but its ranking in terms of per capita “must make us humble and determined to grow at a faster rate”.

“India's Rank today in terms of GDP is 5. That makes us proud,” the former finance minister said in a tweet. “India's Rank in terms of per capita income is 128. That must make us humble and determined to grow at a faster rate.”

Chidambaram's tweet came shortly after Prime Minister Narendra Modi made a strong pitch for a third term for his government highlighting India's standing in world economies and promising to make it the world's third-largest economy with a faster-than-now pace of growth and development.

Addressing the inauguration event of a world-class convention and exhibition centre at the site of Delhi's Pragati Maidan, Modi said India has been talked about as the bright spot amid a gloomy world economy.

"At the beginning of our first term, India was the world's 10th-largest economy. In the second term, today India is the fifth largest economy in the world. I assure the country that in the third term, India's name will be among the first three economies of the world," he said.

India has been talked about as the bright spot amid a gloomy world economy.

The country, he said, is witnessing the result of his government's work. "India's development journey is not going to stop."

"India will reach in top three economies of the world. That is Modi's guarantee," he said. "I would also assure the countrymen that in our third term after 2024, the country's development journey will move forward at a faster pace."

Modi government's second term ends in May next year.

In an obvious response to the prime minister's 'guarantee', Chidambaram wrote, “One day, India will become the 3rd largest economy in the world. But our goal must be to increase the per capita income and rank among the top 10 countries of the world.”

“Let's talk about per capita income. That is the true measure of prosperity.”

Taking a swipe at the prime minister, Rajya Sabha member and Congress general secretary Jairam Ramesh said it was "typical" of him to "give his personal guarantee on an arithmetical inevitability".

“India's emergence as the world's 3rd largest economy in this decade has been predicted for quite some time now, and it is guaranteed — whichever dispensation forms the next government,” he said in a tweet.

“The key difference is the kind of growth INDIA parties guarantee— growth that is much more socially inclusive, growth that creates jobs not destroys it, growth that raises incomes across the board, and growth that is ecologically sustainable.”