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Last Updated : Jan 10, 2018 09:04 PM IST | Source: PTI

Govt's 'gross economic mismanagement' responsible for economic slowdown: Congress

The Congress said on Wednesday that the government's "gross economic mismanagement" was responsible for slowdown in India's economy as it took a swipe at Prime Minister Narendra Modi, saying "innate wisdom of Modinomics needs no counsel".

The Congress said on Wednesday that the government's "gross economic mismanagement" was responsible for slowdown in India's economy as it took a swipe at Prime Minister Narendra Modi, saying "innate wisdom of Modinomics needs no counsel".

Congress communications incharge Randeep Surjewala said the Economic Advisory Council (EAC) was "virtually non- functional" to assess the economy.

"The Modi government cannot shirk from the responsibility of gross economic mismanagement that it inflicted upon the country's robust economy," he said.

"As Modiji interacts with top economists today, his government's gross economic mismanagement, which has decelerated the India's story, speaks volumes. The GDP growth slows to 4 year low!," Surjewala added.

He said while the Gross Domestic Product (GDP) growth in 2014-15 was 7.5 percent, it was 8 percent in 2015-16 and 7.1 percent in 2016-17, and was now estimated to be at 6.5 percent in 2017-18, after taking into account the change in the methodology.

He said the Gross Value Added (GVA), a true sub-measure of the economic activity, has experienced a "steep fall".

Sharpening his attack on the prime minister, he asked if Modi has "ever listened to the sound counsel of economists?" and said "innate wisdom of Modinomics needs no counsel".

The Congress leader said the promise of cost plus 50 percent to farmers is the "biggest hoax played by Modi on them who are now forced to throw their produce on road".

"Dismal 1.9 percent average agri growth rate during the Modi government is a testimony to their pain," he said, citing figures that the sector grew at 0.2 percent in 2014-15, 0.7 percent in 2015-16, 4.9 percent in 2016-17 and 2.1 percent in 2017-18.

"Make in India is fast becoming 'Fake in India' as manufacturing tumbles!," he said.

"Retail inflation soars to a 15 month high. Fresh investment at a 13 year low. Overshooting Fiscal Deficit (is) a cause of concern. Bank credit growth (is at) 63 year low," Surjewala said.

He also cited the suicide of a debt-ridden businessman, Prakash Pandey, in Dehradun and said, "Strangulated by the 'Modi-made disaster of demonetisation' and 'Gabbar Singh Tax', Prakash Pandey, a debt-ridden businessmen, committed suicide and died after consuming poison at the BJP office in Dehradun! Who is responsible for his death?."

"But will Modiji show some anguish?," he asked.
First Published on Jan 10, 2018 08:56 pm
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