Modi govt has no clue what terrible recession our country is facing: Digvijaya Singh

Senior Congress leader Digvijaya Singh on Wednesday slammed the Prime Minister Narendra Modi-led Central government after the Reserve Bank of India decided to transfer Rs 1.76 lakh crore to Centre. He said that the government has no clue what "terrible recession our country is facing."

"Such decisions are taken by RBI when you don't have eminent economists as Governor RBI, but pliable hand-picked Bureaucrat! May God help our Indian economy. Modi govt has no clue what terrible recession our country is facing and where we are heading! Anarchy?" Singh tweeted.

The Congress had on Tuesday slammed RBI Governor Shaktikanta Das over the central bank's decision to transfer Rs 1.76 lakh crore to the government.

Congress leader Anand Sharma, who addressed a press conference at the party headquarters here, said the RBI has taken an unprecedented decision of transferring its entire surplus in one go to the government.

"The Government is in a position to intimidate any authority, any institution and here there is obliging, pliant RBI Governor who has done what none of his predecessors was willing to do," said Sharma without naming Das.

He said the decision of RBI was "a confirmation of what the party had been forewarning about the state of the economy."

RBI's decision is in line with the recommendations of the Bimal Jalan Committee.

On Monday, a press note from the RBI said that it has decided "to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today."

It may be recalled that the RBI in consultation with the Government of India had constituted an Expert Committee to Review the Extant Economic Capital Framework of the Reserve Bank of India under the chairmanship of Dr Bimal Jalan.