Economy is on brink of implosion, says Congress

The Congress party on Friday launched a blistering attack on the BJP led National Democratic Alliance (NDA) for the crisis engulfing Indian economy and said that the grave stress is the “making of the NDA-BJP government in the past 5 years”.

Reacting to the gloom assessment of the Indian economy made by the vice chairperson of the Niti Aayog, Rajiv Kumar, Congress leader Manish Tiwari “congratulated” him for his confession.

Speakig at the Mindmine Summit 2019 - the flagship event of the Hero Group, Rajiv Kumar has described the current stress in the financial sector as “unprecedented in the last 70 years. Kumar further added, “Nobody is trusting anybody else... within the private sector nobody is ready to lend, everyone is sitting on cash... you may have to take steps that are extraordinary”.

Echoing Kumar’s views, Tiwari said, “Current situation in the Indian economy is unprecedented, something of the sort has not been seen in the past 70 years. Much that the BJP-NDA govt would like us to believe that this is because of Pundit Jawaharlal Nehru, unfortunately that is not the case. This is the making of the NDA-BJP government in the past 5 years”.

“If you look at some of the figures which stare you in the face, over 3 crore people are currently facing a threat of becoming unemployed,” he highlighted.

Saying that the growth of the Indian economy has slowed down to 5.7%, the worst performance in the past 5 years, Tiwari added, “Textile industry has been putting out advertisements on a daily basis for past one week, explaining that this is perhaps the worst period which the textile industry has seen in last one decade.”

Referring to the recently released figures, highlighting deepening crisis in the tea industry, Tiwari stressed that automobile industry, inner-wear and biscuit industries are facing same financial crisis.

He lashed at the Modi government for the dwindling value of the Indian currency too.“The rupee as of today morning crashed to 72 against the dollar, making it the worst performing currency in Asia,” said Tiwari.