Congress takes on govt over economic slowdown: Our worst fears have come true

Former Union minister Anand Sharma said that contrary to the Modi government‘s claims, India’s is not a galloping economy, but is a gasping economy.

By: Express News Service | New Delhi | Updated: January 7, 2018 9:44 pm
Venkaiah Naidu, Rahul Gandhi, Rajya Sabha, Privilege motion notice, Lok Sabha, Sumitra Mahajan, Rahul Gandhi on Jaitley tweet, Indian Express Congress President Rahul Gandhi.

With the Central Statistics Office forecasting GDP growth of 6.5 per cent for 2017-18 – a four-year low — the Congress on Saturday said the “worst fears of an imminent economic slowdown” have come true. The party argued that the government’s “tall claims” and “false bravado” on India growing at a robust rate have evaporated.

Congress president Rahul Gandhi had on Friday evening tweeted, “FM Jaitley’s genius combines with Mr Modi’s Gross Divisive Politics (GDP) to give India: New Investments: 13 year [down arrow, to signify low]; Bank credit Growth: 63 year [low]; Job creation: 8 year [low]; Agriculture GVA growth: 1.7% [low]; Fiscal Deficit: 8 year [up]; Stalled Projects [up].”

READ | GDP growth to hit four-year-low at 6.5%: Govt forecast

On Saturday, former Union Finance minister P Chidambaram said, “The worst fears of an imminent economic slowdown have come true. (The) Modi government’s tall claims of India growing at a robust growth rate have evaporated in thin air. No amount of sugar coating, false bravado and rhetoric along with headlines management can conceal the stark reality. Our fears and warnings have proved true. GDP growth in 2015-16, 2016-17 and 2017-18 (est) is 8.0, 7.1 and 6.5 [per cent]. These numbers prove there is a slowdown.”

Former Union minister Anand Sharma said that contrary to the Modi government‘s claims, India’s is not a galloping economy, but is a gasping economy. “It is a struggling economy where all the parameters have been continuously going down…. Will the Prime Minister now stop saying, and the Finance Minister stop claiming, that India is the fastest growing economy? We have cautioned the government not to be boastful but to be truthful.”

Chidambaram said the decline in economic activity and growth has meant job losses, and an “abysmal” rate of job creation. “New project announcements have declined, fresh investment is low, the informal sector is still reeling under the ill-effects of demonetisation, job creation is abysmal, exports are plunging, manufacturing sector growth has slowed down, agriculture sector has been hit hard and rural despair is abundant,” he said.

Calling the lack of new job creation the “single biggest failure of this BJP government”, Chidambaram said, “In a slowdown, how will jobs be created? And how will the promised 2 crore jobs per year be created?…. The recent social discontent therefore can be a direct manifestation of this economic slowdown, which the government was conveniently hiding. It is time [the] government stops making tall claims and bends down to do solid work.”
He also said, “Retail inflation soared to a 15-month high of 4.88 per cent in November and industrial output slowed to a three-month low of 2.2 per cent in October.” Arguing that new project announcements by Indian companies have touched a 13-year low, he said the investment picture overall remains bleak.

On Saturday’s blast in Sopore, Kashmir, that killed four policemen, Sharma said, “This government has singularly failed in reassuring the country about our preparedness to secure our defence establishments and our citizens against such attacks. We are completely in the dark as to what has been discussed between the National Security Advisers of India and Pakistan (in their recent meeting)….what has been the outcome?”

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  1. Yalahanka Raghavendra
    Jan 8, 2018 at 5:58 am
    Rahul Gandhi and idiocy and dynasty at ude. Eventhough GDP is registering positive growth see gloomy for his wishful someday power. Keep day dreaming year long or rest of your life. The wishful dreams would be shattered when Amethi people reject you, you are already reduced majority in your cons uency. Come 2019 elections, you wish you retained current numbers. Modi is the best PM , unlike corrupt congresss and power mongers all the way from Nehru to Sonia.
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    1. Anuj Aggarwal
      Jan 7, 2018 at 11:11 pm
      Even the 6.5 is actually 4.5 according to old series. So it's multi decade low. Cr Modi bhakts should see the reality rather than silly logics.
      (39)(6)
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      1. venkat reddy padooru
        Jan 8, 2018 at 12:03 am
        Who told you about the old series and new series. Is it Pappu or Chiddu?
        (6)(15)
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        1. Socrates Santos
          Jan 8, 2018 at 12:06 am
          Between an under-active, policy-paralytic and corrupt CONgress rule that has ruined the potential and stature of the nation - And a pro-active, dynamic and honest BJP rule that is daring to establish India's new stature and economy in the world-order, I'd prefer PM Modi's BJP any day. GDP figures are cyclical and require to be consistently low for 5-10 year's period to qualify as an economic slowdown, and there is no such sign. This is only CONgress fear-mongering. But the opposition does have a valid point in criticizing the government for not sharing a plan and timeline for improving GDP growth numbers. The fundamentals of the 21st century economy have been laid strongly with DeMo, GST and several other reforms - no doubt these were bitter pills to cure ills that have not only continued to flourish, but grew leaps and bounds over the CONgress rule for decades. I am certain that the number will improve before 2019 elections
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          1. Amitava Dhar
            Jan 8, 2018 at 4:11 am
            Blind and ignorant supporters of BJP and Modi will keep thier eyes closed. As long as that goes on, there is no hope for course correction.
            (6)(3)
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          2. MIGHTY BOMBER
            Jan 7, 2018 at 11:05 pm
            Whatever is said about declining numbers is true and worrying. There are few other issues which are equally important, but which are not raised by opposition party. If the numbers which are focused upon show an improvement, will they have positive effect on-- interest rate on small savings scheme OR job creation OR government health facilities OR increase in farmer's income OR establishment of new government companies OR customers will be relieved from account maintenance charges in banks, etc ? In other words, improvement in GDP,GVA, GFCF, credit offtake do not necessarily ensure better life for ordinary Indian or aam nagrik. Why Congress party is only focused on numbers ?, WHY Congress IS NOT SPECIFICALLY FOCUSSING UPON ISSUES WHICH are mentioned above i.e. those issues that DIRECTLY EFFECT ORDINARY INDIAN ?
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            1. Ravella Nageswara Rao
              Jan 7, 2018 at 9:38 pm
              Creating panic is in the DNA of Nehru/Indiara/Rajiv families. Pappu's Maternal G Father was a USSR spy. What can be expected from g son of Italy ? Govt. of his mother headed of Mouna Muni Singh given scams to this country. Modi is providing corrupt free government. No place for Katrochi's. Illegal flow of foreign money stopped. So church also playing a big role to divide people of India on caste lines. Gujarat Elections was witness for this argument. Let the country people aware of Pappu Co.
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              1. Mandar Betageri
                Jan 7, 2018 at 8:58 pm
                When a bollywood movie earns 400 crores in 2 weeks time, where is the economic slow down.. Please understand watching Movie is a luxury and it is easily afforded by people in India. Congress debate is baseless.
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                1. Ash Goody
                  Jan 7, 2018 at 11:05 pm
                  Flimsy Filmy Logic(Illogical)!!!!!Economy is doing good as people are buying staples!!!Stupid
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                  1. Socrates Santos
                    Jan 8, 2018 at 12:13 am
                    The logic is as lop-sided and justfied as saying that the economy is slowing down because the GDP projection has "fallen" (!!) to 6.5 .
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