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Don't play with India's economic sovereignty: Congress to Modi

IANS  |  New Delhi 

The on Tuesday accused the government of playing with India's economic sovereignty by trying to demolish the of (RBI) and seeking transfer of Rs 3.6 lakh crore or one-third of the central bank's reserves.

The said if the "unprecedented" demand by the was allowed to materialise it would tantamount to the "great robbery".

"Rs 36,00,00,00,00,000, that's how much the (Narendra Modi) needs from the RBI to fix the mess his genius economic theories have created. Stand up to him Mr. Patel. Protect the nation," tweeted ridiculing Modi's economic policies that have messed up the Indian economy, urging the RBI to resist the Centre's demand at all cost.

Later addressing the media, Congress said: "The RBI has been strongly resisting the unprecedented demand by the government. But if this demand were to fructify, this would tantamount to great Indian robbery."

Citing reports that the "may have invoked" section 7 of the RBI Act to get its wish fulfilled, Tewari said such a move was unprecedented and reflected the government's bid to demolish the central bank's autonomy.

"This is going to have a profound implication on the macroeconomic stability of as it is the RBI's autonomy which provides confidence to foreign and Indian investors with regard to the stability of the Indian economy.

"The wants to demolish that confidence and demolish the RBI in the process," said the former Union asserting that the Congress would strongly resist the government's move to demolish the RBI autonomy.

Tewari alleged that the Modi government was seeking the money to dole out freebies ahead of the 2019

"The Modi government is prepared to play with the economic sovereignty of and the reasons for it are the mounting fiscal and current account deficits.

"The government revenues are not growing because the economy has shrunk because of their policies. In order to bridge the fiscal deficit, the government has started eying the RBI reserve.

"What is even more disturbing is they want to use the money to give out freebies before the 2019 Lok Sabha elections," said Tewari accusing the Modi government of playing with India's national interest.

He said that the RBI was extremely concerned over attempts to curb its economy and "if the push comes to shove", then all options including legislative and judicial were open for it to safeguard the Indian economic sovereignty.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 14:46 IST