Economy showing sings of contraction: Congress

The Congress on Friday accused the Narendra Modi government for mismanagement and consequent decline in job growth in key sectors and said the Indian economy was showing signs of contraction.

Quoting government figures, Congress spokesperson Abhishek Manu Singhvi said the rate of growth of employment in several key sectors had declined by 50 per cent in the quarter ended December 2016 (Q3).

"There is an alarming gap between facts on ground and claims made by (Prime Minister Narendra) Modi and the Bharatiya Janata Party. The quarterly employment survey for Q3 shows that the rate of growth of employment has come down by 50 per cent in eight key sectors -- considered the engines of the economy.

"Only 69,000 jobs were generated in Q3 as compared with 1.70 lakh in Q2," he said, adding that sectors like trade, construction, education, and restaurants have shown a steep decline in terms of employment generation.

The Congress leader said female employment has also registered a decline, with a loss of nearly 25,000 jobs in Q3.

"Employment is something that concerns the entire nation and the Q3 figures indicate a trend of contraction. It is the result of mismanagement and policies of the Modi government, including the November 8 demonetisation," said Singhvi.

"We sincerely hope that Modi's claims and BJP's self-patting on the back succeeds; otherwise, the Indian economy will be prejudiced and hurt irreversibly," the Congress leader said.

--IANS

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