The Indian National Congress attacks government regarding economic slowdown and alleges that fiscal deficit is not at 3.3 percent but over 8 percent.
According to Congress leader Anand Sharma, Indian economy has moved from recession to crisis and PM Modi and Finance Minister Nirmala Sitharaman are oblivious of the fact.
He quoted that – “Our sympathies are with the country that we have a finance minister who is clueless and does not understand the ”e” of economy or the ”f” of finance. Instead of addressing the grim situation confronting the Indian economy, she is blatantly allowing either patronage, promotion of crony-capitalism, huge tax cuts to richest people, no relief to poor.”
The assertion has come followed by the Index of Industrial Production (IIP) data released by government which says the factory output had reduced by 1.1 percent to 4.8 percent in August last year. This is the lowest figure. Mr Sharma further added that the production in India has crashed and the demand has collapsed. Also huge number of lay-offs and retrenchment are happening.
According to Congress’s Anand Sharma – “Manufacturing has hit a five year low…manufacturing should have been in a positive double digit growth. This country can ill-afford any fall in manufacturing because it is directly related to factory production and job losses. Large numbers of factories are shutting down.”
The Congress leader points out the monumental mismanagement of the Indian economy by ruling government and claims that the fiscal deficit is beyond percent.
As per Congress leader Anand Sharma, the India Prime Minister Narendra Modi has been unsuccessful to deliver what he promised. He quoted the alleged fact that the global commodity prices have fallen from 2014 onwards, specifically the petroleum prices. The petroleum prices were roughly US$7.5 billion per annum, but the Modi government failed to capitalise on it.