Abhishek Manu Singhvi, Spokesperson of the AICC, issued a statement slamming PM Narendra Modi for attempting to bring about another demonetisation disaster referred to as Demonetisation Part-2. He stated that the Modi government is coercing the RBI to pay ₹3.6 lakh crore, which amounts to 40% of the reserves that has been accumulated over time.
‘Modi Made Disaster of Demonetisation’ shaved off 1.5% of India’s GDP and severely denigrated the institutional autonomy of the RBI, now PM Modi plans Demonetisation Part -2 that will again shave off 2% of India’s GDP in one shot. According to public information, Modi government is coercing RBI to pay a special dividend of ₹3.6 lakh crore, equal to nearly 40 percent—pause and repeat, 40 percent—of reserves accumulated over decades. This is 2% of India’s GDP, said Singhvi.
“A desperate Modi government wants to grab the family silver of the RBI in order to indulge in pre elections sop-splash!” Singhvi added.
He highlighted the sudden need for the Modi government to procure the amount from the RBI in spite of being in power for the last four years and the last six months. But it has come up with a “cobweb” of narratives which completely disregarded the integrity of the RBI.
In the statement, He claimed that the Modi government is attempting to take away the Contingency Reserve of the RBI to fix the economic capital framework and even forced senior government bureaucrats to tweet wrong data to mislead the people.
He puts across a few facts that the Modi government has been proclaiming and points out the discrepancies of these said facts.
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The discrepancies include the following:
He asked the Modi government the following questions;
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