NEW DELHI: Terming economic slowdown as "man-made tragedy", the Congress on Tuesday accused the Narendra Modi government of seeking to turn the country into a majoritarian nation and crippling the economy.
Addressing a press conference here, Congress spokesperson Manish Tewari termed the economic slowdown as "man-made tragedy" and said sector after sector was staring at a seriously challenging situation due to policies pursued by the Narendra Modi government in the past five years.
"Social discord and economic development cannot go hand-in-hand. This project to turn India into a majoritarian nation has completely and absolutely crippled the Indian economy," he said.
Tewari further said that there is anxiety all over about the economic slowdown in the country.
"While the government is still in denial mode, data flowing into the public domain show that sector after sector is staring at a seriously challenging situation. Private consumption has contracted and is at an 18-quarter low of 3.1 per cent, rural consumption is in a deep southward dive and is double the rate of the urban slowdown, credit off-take by micro and small industries remains stagnant," he said.
He said the net exports have shown little or no growth, GDP growth was at a six-year low and unemployment was at a 45-year-high.
"The government, however, is yet to show signs that it has come to grips with what ails the economy. Much less evidence is available to believe that it has a strategic vision to address the challenges. "The state of the economy, it is a man-made tragedy. The NDA-BJP government has manufactured the current economic crisis through its inaction and through policies which it had pursued over the past five years," Tewari said.
Tewari cited a former US Defence Secretary and said those who have worked in the business community understand intuitively, the nexus between security and economic opportunity.
"As we all know, money is a scabbard, it can flee, companies stand not to want to invest in countries or regions that they believe were unstable or unsafe. This is exactly what is happening in India. In the first four months of 2019-20, fiscal outward remittances are already at US 5.8 billion Dollars. This is equRead More – Source
