Mon Sep 01 08:35:41 UTC 2025: Okay, here’s a news article summarizing the provided text:
**Headline: Congress Slams Government’s GDP Numbers, Cites ‘Irrational Exuberance’ and Looming Trump Tariff Impact**
**New Delhi, September 1, 2025** – The Congress party has sharply criticized the government’s recently released GDP figures for the April-June 2025 quarter, calling them a cause for “irrational exuberance” and claiming they fail to accurately reflect the impending impact of tariffs imposed by the United States.
Congress general secretary in charge of communications, Jairam Ramesh, issued a statement on Monday arguing that the reported 7.8% GDP growth, while seemingly positive, presents several contradictions and potentially misleading data. He pointed to persistently weak urban consumption and structural challenges in rural consumption as areas of concern.
Ramesh highlighted a discrepancy in the GDP growth calculation, noting that a significant 1.8 percentage points of the reported growth rate are unaccounted for by the core determinants of consumption, investment, and trade. He called for an explanation of this “substantial” discrepancy.
Furthermore, the Congress leader asserted that the current GDP figures do not adequately account for the “Trump tariff shock.” Ramesh argued that the recent export growth may be artificially inflated due to exporters front-loading shipments to the U.S. in an attempt to avoid the tariffs. He warned that the true negative consequences of these tariffs are expected to become apparent in the second quarter of the fiscal year.
While the government data showed that the farm sector and services such as trade, hotels, finance, and real estate significantly contributed to the GDP growth in the first quarter, the Congress party remains skeptical about the long-term sustainability of this growth in light of global trade uncertainties. The debate over the true health and future prospects of the Indian economy continues.
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