Economic mismanagement has become synonymous with PM Modi, Jaitley: Congress

The Congress on Friday described Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley as synonyms of economic mismanagement.

Speaking to ANI here, Congress spokesperson Randeep Surjewala said, "The truth is people are tired of Modinomics and Jaitleynomics, because they have wrecked India's economy. Now the economic mismanagement has become synonymous with Prime Minister Modi and Jaitley."

Reacting to the Finance Minister's remarks today on BJP veteran Yashwant Sinha, Surjewala said that the former's statements were marked with disdain, arrogance and 'jumlas.'

"What the Finance Minister said today was merely, arrogantly mocking at his predecessor Yaswant Sinha, who is the senior party leader of the BJP," he said.

Taking on Jaitley over the present economic crisis, the Congress leader said, "He did not utter a single word about jobs, about GDP growth that is reducing from 9 to 5.7 percent, about falling exports, about falling investments, credit growth, about revenue being collected from petro taxes."

"The entire country hopes that the Prime Minister and the Union Finance Minister would provide a meaningful way out of the economic crisis and economic downturn that is hurting India's economy on account of their mismanagement and complete dejection of economy," he added.

Meanwhile, Delhi Congress chief Ajay Maken expressed happiness over Yashwant Sinha's remark over state of economy.

A day after Sinha castigated Finance Minister Jaitley of making a mess of the Indian economy; the latter on Thursday defended the government policies and said he does not have the luxury of being a former finance minister.

Taking a dig at the former finance minister, Jaitley at a book release programme said, "I must confess that I do not have the luxury as yet of being a former finance minister nor do I have the luxury of being a former finance minister who has turned a columnist. Therefore, I can conveniently forget a policy paralysis, four billion reserve left in 1991 and I can switch over and change a narrative. Speaking on persons and then bypassing the issues is something which is very easily done."

Backing the demonetisation move, Jaitley said that the government intended to expose the black money market and track down those operating in it.

"Demonetisation was not synonymous with confiscation of money. We gave an opportunity to people to come clean about their accounts held abroad. The prime minister had a very strong agenda on creating a new normal as far as the shadow economy in India was concerned," he said.

Jaitley further said that he is being criticised for bringing out reforms too quickly.

"I am being criticised for doing incremental changes. Post the GST, the biggest criticism was that why I implemented it so quickly after demonetisation," he said.

Jaitley also took the occasion to downplay remarks that the economy is on a downward spiral and said, "The Direct tax figures are 15.7 per cent over and above last year's figure, so this so-called slowdown visualised by some, hasn't even impacted.