Modi-Jaitley duo have left the Indian economy worse off than it was in 2014: Congress

Reviving the Indian economy, which has entered a “disastrous phase of economic slowdown” during the leadership of Narendra Modi, has to be one of the priorities of the next government at Centre, the Congress Party said on Wednesday.

“The next government has a huge task of reviving the economy. Thankfully, the Congress Party is ready to steer the Indian economy out of the Modi-Jaitley slump,” former union finance minister P Chidambaram said at a press conference. The presser was also addressed by senior party leaders Rajeev Gowda and Salman Soz.

Noting that the country’s economic slowdown under Modi was best reflected in the poor quarterly growth of the real Gross Domestic Product (GDP), party leaders stated the economic woes would be compounded by a shortfall of Rs 1.6 lakh crore in tax revenues.

“A massive shortfall of Rs.1.6 lakh crore in the tax revenues would effectively increase the actual fiscal deficit to 3.9%. The economy is expected to slow down further,” said Chidambaram.

The Congress leader pointed towards another worrying macro-economic indicator, highlighting that 73 per cent of wealth generated in India during 2017-18 had been pocketed by the wealthiest one per cent Indians.

“Contrary to the false narratives of the Modi Government, the poorest Indians have been worst sufferers of the economic mismanagement,” he remarked.

Other economic indicators, including a decline in private consumption and slumping household savings, further pointed towards the ailing state of the Indian economy, said Chidambaram.

“In almost all high-frequency indicators that measure consumer sentiment (ranging from domestic automobile sales to cement production), the Dr Manmohan Singh led UPA government outperformed the Modi government,” said the senior Congress leader.

The senior Congress leaders took a worrying view of the 45-year high unemployment rate under Modi, remarking that his tenure would be best remembered as that of a “job destroying PM”, built on the two "Tughlaqi farmans" of demonetization and “Gabbar Singh Tax.”

The Congress leaders said that the future of the Indian economy, which has suffered under the leadership of Modi and Union Finance Minister Arun Jaitley, didn’t look too rosy either.

“The trade outlook has been negative and portends a weak economy. Foreign investment inflows have been declining. The rupee fell to a historic low of $74,” said Chidambaram.

The Congress leaders said that the Modi government had squandered a favourable economic climate in the last few years, helped by low crude prices.

“Despite having to contend with a global recession and extraordinarily high fuel prices, UPA delivered high growth rates and an inclusive development model,” the Congress leader said.

“Modi-Jaitley’s economic model is of nationalisation of loss and privatisation of profit. This model has brought distress to every sector, the only exceptions have been the businesspeople close to the BJP,” he added.