Congress reads riot act on economy to Modi government

Congress spokesperson Abhishek Singhvi accused the BJP of diverting the people's attention from its failures. (PTI Photo)

The Congress on Sunday read the riot act to the Modi government on the state of the economy, warning that the nation was facing a “financial emergency”.

Congress spokesperson Abhishek Manu Singhvi listed out several indicators such as slowdown in the automobile sector, rising fiscal deficit, the stock exchange crash, recession hit real estate sector, weakening of the rupee and fleeing of foreign portfolio investors as evidence of an economy in crisis.

Singhvi also targetted the government over the issue of taxing the super rich, contending that it may lead to flight of capital.

He also slammed the government for threatening companies with penalties if they failed to meet their corporate social responsibility targets.

“There’s a sense that the government is unloading its responsibilities in the private sector,” Singhvi said

“The economy is in shambles and the government is doing nothing but fiddling, looking left, right at the centre, not even policy solutions, much less implementation,” Singhvi told reporters here.

Drawing comparisons between the first Modi government and the current one, Singhvi said that the GDP figures indicate that it has been a “regression in progress”.

“Modi 2.0 is indeed taking India towards a reverse evolution and reverse growth era,” Singhvi said.

Expressing concern over the economic slowdown, Singhvi said the situation is like that of a "financial emergency".

The trend of the slowdown in the automobile industry did not come all of a sudden, Singhvi said adding that the 31% fall in sales is also the ninth straight drop in monthly passenger vehicle sales.

“Sales have fallen in 12 out of 13 months since July 2018, underscoring the sharp slowdown in the world's fourth largest automobile market,” Singhvi said.

The Congress slammed the Modi government for “failing” to come up with a sound monetary policy and asked the government to instruct the RBI to pause its policy of inflation targeting and focus singularly on employment and growth.

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