New Delhi, July 18 Claiming that "numbers speak louder than noise", BJP leader Amit Malviya on Friday ridiculed Congress leader Jairam Ramesh for spreading "lies" and "negativity" about the economy, and dished out data on record-breaking growth since 2014.
The BJP's information technology cell chief wrote on X, "Another day, another desperate attempt by Jairam Ramesh and the Congress to spread falsehoods about India's economy."
"While they wallow in manufactured gloom, the facts tell a different story - one of resilience, reform, and record-breaking growth, even as much of the world grapples with economic stagnation," he said.
"The Congress should stop spinning lies and start facing reality. India isn't buying their negativity. The numbers speak louder than their noise," he said.
Sharing facts and pointers indicating the economy's good performance, Malviya said, "India remains the fastest-growing major economy, while others are slipping into negative territory. PMI hits 14-month high (61 in June 2025) - Manufacturing PMI up to 58.4, marking 47 consecutive months above 50. Hiring momentum strong - staff costs for manufacturers up 10 per cent."
"India is now the world's largest locomotive manufacturer. Inflation at a 6-year low - vegetables down 13.7 per cent YoY, cereals and pulses also easing," he said.
Countering Ramesh's claims about GST loopholes, Malviya said, "GST collections hit Rs 22.08 lakh crore in 2024-25, a record driven by formalisation, not tax terrorism."
Malviya, himself an ex-banker, went on to dish out data to support his argument about the "rock-solid macro fundamentals".
"iPhone exports to the US surged 76 per cent. The stock market added $1 trillion in market cap since March, the highest among the top 10 global markets. Gross NPAs at a 15-year low of 2.3 per cent. E-way bill generation up 19 per cent YoY (June 2025) - clear proof of business momentum," said Malviya.
The BJP leader highlighted the government’s economic achievements and said, "This government has walked the talk - higher capital expenditure, targeted PLI schemes, and real reforms aimed at businesses and the common citizen alike."
Earlier, Congress leader Ramesh targeted the government for what he called economic gloom and GST shortcomings.
"It is abundantly clear that the economy needs a huge booster dose. That will happen only when drastic reform of GST takes place, when the atmosphere of tax terrorism ends, and when the fixation on the growth of just one or two big business groups through favouritism is abandoned," Ramesh wrote on X.
"A research report issued by Nuvama Institutional Equities day before yesterday has underscored some concerns on the current state of the Indian economy," Ramesh wrote, claiming that key High Frequency Indicators are slowing or remain subdued.
"These include credit and exports as well as GST collections. Private Consumption is also not gathering momentum. These include real estate, 2-wheeler, and 4-wheeler sales," he wrote.
The former Union ministers added, "Industry is off to a weak start in 2025/26 with a similar trend in electricity and diesel consumption as well as medium and heavy commercial vehicles. Eight core industries are showing poor growth. Agricultural prices, determinants of well-being in rural India, remain weak."
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