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Wednesday, December 11, 2019

Oppn slams govt over management of economy

The Congress said an economic recession has hit India, and argued that the Narendra Modi government continues to remain in denial. It said the government should stop “divisive politics” and focus on reviving the economy.

By: Express News Service | New Delhi | Published: November 30, 2019 2:57:23 am
Economic crisis, economic slowdown, GDP growth, GDP growth declined, declined GDP growth, India news, Indian Express Senior Congress leader Jairam Ramesh said, “What will it take for our government to acknowledge this crisis?…”

As economic growth slowed to 4.5 per cent in the July-September quarter — the weakest pace in more than six years — Opposition parties on Friday slammed the government.

The Congress said an economic recession has hit India, and argued that the Narendra Modi government continues to remain in denial. It said the government should stop “divisive politics” and focus on reviving the economy.

“The continuing and sharp fall in GDP to a new low confirms the disastrous mismanagement of the economy under the watch of a boastful PM and a confused Finance Minister. Knee-jerk interventions have been counter-productive. With a crippling industrial production and collapsing demand and consumption government had wrong priorities,” senior Congress leader Anand Sharma said.

“Facing falling revenues, reducing corporate tax and losing Rs 1.4 lakh crore of revenue has ruined finances… Modi ji and Nirmala Sitharaman, can you still be in denial after ruining our economy?” he asked.

Congress communication department head Randeep Surjewala said, “Failed ‘Modinomics’ and a pakoda economic vision have sunk the Indian economy into deep recession. As predicted by numerous rating agencies, it is now clear that the GDP data of second quarter at 4.5 per cent is at a six-year low. During the 10 years of the Congress government, the GDP growth was at an average of 8.13 per cent. Even in the last year of Congress government in 2013-14, GDP growth was 6.39 per cent. Let the nation compare it with the BJP government’s decimation of economy emanating from bankruptcy of economic vision.”

Senior Congress leader Jairam Ramesh said, “What will it take for our government to acknowledge this crisis?…”

CPI(M) general secretary Sitaram Yechury called the state of the GDP a “Modi-made disaster”.

“When you put yes-men in all important positions, when you shut your ears to the cries of distress from farmers, small enterprises… you manufacture trouble… Farmers (are) facing economic depression, youth (are) facing unemployment, factories (are) facing shutdowns. Only cronies are growing. Can PM explain this magic? We reiterate (the demand for) a white paper on the economy…” he added.

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