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'Modinomics' plus 'Jaitleynomics' is equal to 'jumlanomics': Congress

Government reports released in the last 72 hours, bank frauds in the last year have risen by 72 per cent

Press Trust of India  |  New Delhi 

Abhishek Manu Singhvi
Abhishek Manu Singhvi

The Thursday said the country's economy was in dire straits with Union Minister Jaitley "defending defence deals". It also alleged that investments have plunged to a "14-year low" in the country coupled with 72 per cent rise in last year.

"'Modinomics' plus 'Jaitleynomics' is equal to peoples' 'jumlanomics'. The economy is in dire straits and the countdown for Modiji's exit has begun. The economy is sinking, minister is defending defence deals," told reporters.

He said going by the government reports released in the last 72 hours, in the last year have risen by 72 per cent.

"As per an RBI report, there was a 72 per cent rise in in 2017-18," he said.

Singhvi also said non-performing assets (NPAs) of loans have doubled in 2017-18.

The RBI report has revealed that fraudsters have looted around Rs 41,167 crore from the system in the financial year 2017-2018, a sharp rise of 72 per cent over the previous fiscal year, he said.

"May be you want to change the (RBI) within a week again because somebody has published this report," the said while taking a dig at the government.

"The amount of loans given by state-owned banks that turned into NPAs rose to Rs 7,277.31 crore in 2017-18, nearly double of Rs 3,790.35 crore of NPAs recorded in 2016-17," he said, citing the Ministry data.

Singhvi also alleged that investments in plunged to a 14-year low as far as the December quarter was concerned.

First Published: Thu, January 03 2019. 21:25 IST