Congress: ‘Save economy from ignorant policy makers’

As the Congress laid out its economic agenda for the coming years, its top economists came down heavily on the NDA. Former prime minister Manmohan Singh accused the government of “messing up the economy” while former finance minister P Chidambaram warned that whoever comes to power in 2019 would face a “major crisis”.

Read | Rahul Gandhi’s 2019 battle cry: Like Kauravas vs Pandavas, fight between truth and lies

Delivering a combative speech while moving the resolution, Chidambaram said, “One party which can pull this country out of crisis is the Congress party. I say that not out of arrogance, not out of conceit. I say that because we have done it before and we will do it again.”

Chidambaram and Singh cited the economic survey to highlight what they said were inadequacies in the government’s approach to social and economic problems.

Singh said the “ill-thought and ill-conceived” demonetisation and “hastily put forward” Goods and Services Tax (GST) legislation had destroyed jobs and created problems for the small and medium industry, and the informal sector.

Congress president Rahul Gandhi addresses the 84th Congress plenary session on Sunday. (Express photo by Neeraj Priyadarshi)

Singh also described his successor Prime Minister Narendra Modi’s claim of doubling farmers’ income in six years as “merely jumla-type statement, which is not likely to be achieved”. “If you have to double farmers’ incomes in six years’ time, you need a growth rate of 12 per cent per annum as the minimum. And that is unthinkable,” he said.

The party’s resolution concluded by stating that “sustained economic growth is the path toward becoming a middle-income developed country… Such sustained economic growth can be achieved only if the country can be rescued from the hands of incompetent economic managers and entrusted to those who have for many years nurtured the economy and guided it on the path of all-round economic development.”

Echoing the theme of the 84th plenary session that concluded Sunday at the Indira Gandhi Indoor Stadium, the resolution stated: “We have heard the clamour for change. It is time for change.”

Rahul admitted that his party had let down the people in the last few years, when the UPA was in power. (Express photo by Praveen Jain)

The resolution blamed the “abysmal economic management of the Modi government for the job losses, stagnant real incomes for hundreds of millions of farmers, collapse of the manufacturing sector, destruction of micro, small and medium businesses, paralysis of India’s banking sector”.

It said, “The economy is in the hands of ignorant and incompetent policy makers who have derailed economic growth through reckless and bizarre policies such as demonetisation and a hasty imposition of a flawed Goods and Services Tax regime.”

Beginning his speech with an apparent reference to the government action against his kin for alleged financial irregularites during his tenure as finance minister, Chidambaram said, “Some thought I would not stand here today to speak to you and present the economic resolution… I draw my courage and strength from each one of you party workers… There is a steel instilled in me by my 45 years of association with the Congress,” he said.

Accusing the government of “squandering” a golden opportunity to catapult India’s growth after the economic gains during the previous Congress-led UPA government, he said that even the latest Budget did not provide any answers. “This Budget is the handiwork of a government which is completely helpless, clueless and directionless. I am afraid, 12 months from today, whoever comes into the government, will face a major crisis,” said Chidambaram.

Rahul Gandhi called for changes within the Congress. (Express photo by Anil Sharma)

Laying an early marker for the next general elections, Chidambaram promised that the industry would not be burdened with “tax terrorism”, “veiled threats” or “midnight knocks”. “We will lift fear and we will allow you to create wealth,” he said.

Chidambaram cited the economic survey and said the main challenges not addressed by the government were education, health, agriculture and employment.

“I want to ask the BJP, I want to ask the Prime Minister, if in four years you did not address the challenge of education or health or agriculture or employment, if in four years the farm sector has become relatively poorer, if in four years the average farmer has become relatively poorer, what the heck have you been doing in the last four years?” he said.

Chidambaram and Rahul Gandhi at the Congress plenary session on Sunday. (Express photo by Anil Sharma)

The Congress resolution attributed the crisis in the banking sector to the “unwarranted crticism” of policies in key sectors by the BJP. “The starting point of the banking crisis was the unwarranted criticism of the telecom, coal and power sector policies of the UPA government that was trumpeted by the BJP and that has inevitably brought many telecom and power sector enterprises to the brink of bankruptcy,” the resolution said.

In his speech, Chidambaram said: “To all those worried about the banking system, let me give this assurance. We solved India’s NPA problem at the worst time in 2008-09 after the international financial crisis. We have done this before, we will do it again.”

Chidambaram reiterated that “there cannot be a greater lie than demonetisation”. “They said we will abolish black money, we will put an end to corruption, we will stop fake currency. Have they put an end to black money… Have they put an end to corruption, fake currency?” he asked.

Ridiculing the RBI’s claim that it had not completed the process of counting the notes returned during demonetisation, he said, “I would like to tell the RBI officials, why don’t you go to Hundi collectors (at the temple) in Tirupati? They count money faster than you.”