Chandigarh, November 4, 2019 (Yes Punjab News)
Congress National Spokesperson and Anandpur Sahib MP Manish Tewari today said that the Bhartiya Janata Party led NDA government at the centre had pushed the country to the verge of financial emergency.
“Thanks to the policy paralysis and ideological bankruptcy of the government, Indian economy appears to be doomed”, Tewari said, while addressing a press conference in the Punjab Congress Bhawan here today, adding, “the economy is in the intensive care unit (ICU) and the government is completely clueless”.
Tewari also announced that the Congress party will be launching a nationwide protest from November 5 to 19 to highlight the critical state of Indian economy. He said, state level protests will be organized across the country during this fortnight to shake the government out of its sloth that has rendered the country virtually bankrupt.
The Congress leader strongly opposed the government of India’s proposal to sign the Regional Comprehensive Economic Partnership Agreement (RCEP), which will be a severe assault on the Indian economy and will virtually prove to be the death knell for the domestic industry. He said, this will be the third assault on the Indian economy after the demonetization and flawed implementation of the GST.
“It is for the fist time in 72 years that India will be forced to sign a free trade agreement with China just because Prime Minister Modi and the BJP want it”, he said, while warning, “India’s strategic interests and National Security interests would be seriously jeoparadised as Chinese products would be dumped in Indian markets”.
Presenting a dismal picture of the unemployment situation, he said, “BJP government has turned India’s demographic dividend into a demographic disaster”. Quoting National Sample Survey Office figures, he said, unemployment was at a 45 year high and still rising.
“According to Centre for Monitoring of Indian Economy (CMIE), unemployment rate stands at 8.19 percent as in August, 2019 which has further risen to 8.5 percent, which is highest ever”, he said, while adding, “even globally as per International Labour Organisation (ILO), the unemployment rate is 4.95 percent”.
He too a dig at the RSS leaders suggesting that even begging was employment and Prime Minister saying, making ‘pakodas’ was also employment.
Asserting that the Indian economy was sinking, he said, the GDP growth was slowest in last six years. “Despite the data jugglery, GDP growth in the first quarter of FY20 is at an abysmal low of 5 percent”, he said, while pointing out, all agencies including IMF, Fitch, World Bank, Moody’s and even RBI have cut India’s growth forecast thanks to the policy paralysis and ideological bankruptcy of the NDA government.
Tewari said, new private investments have hit a 16 year low while household savings are at 20-year low. He said, India’s overall savings rate has declined to 30 percent from 34.6 percent earlier.
