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Govt's 'gross economic mismanagement' responsible for economic

Press Trust of India  |  New Delhi 

The said today that the government's "gross economic mismanagement" was responsible for slowdown in India's economy as it took a swipe at Prime Minister Modi, saying "innate wisdom of Modinomics needs no counsel".

communications incharge said the (EAC) was "virtually non- functional" to assess the economy.

"The cannot shirk from the responsibility of gross economic mismanagement that it inflicted upon the country's robust economy," he said.

"As Modiji interacts with top economists today, his government's gross economic mismanagement, which has decelerated the India's story, speaks volumes. The growth slows to 4 year low!," Surjewala added.

He said while the Gross Domestic Product (GDP) growth in 2014-15 was 7.5 per cent, it was 8 per cent in 2015-16 and 7.1 per cent in 2016-17, and was now estimated to be at 6.5 per cent in 2017-18, after taking into account the change in the methodology.

He said the Gross Value Added (GVA), a true sub-measure of the economic activity, has experienced a "steep fall".

Sharpening his attack on the prime minister, he asked if Modi has "ever listened to the sound of economists?" and said "innate wisdom of Modinomics needs no counsel".

The said the promise of cost plus 50 per cent to farmers is the "biggest hoax played by Modi on them who are now forced to throw their produce on road".

"Dismal 1.9 per cent average agri growth rate during the is a testimony to their pain," he said, citing figures that the sector grew at 0.2 per cent in 2014-15, 0.7 per cent in 2015-16, 4.9 per cent in 2016-17 and 2.1 per cent in 2017-18.

"Make in is fast becoming 'Fake in India' as manufacturing tumbles!," he said.

"Retail inflation soars to a 15 month high. Fresh investment at a 13 year low. Overshooting Fiscal Deficit (is) a cause of concern. Bank credit growth (is at) 63 year low," Surjewala said.

He also cited the suicide of a debt-ridden businessman, Prakash Pandey, in Dehradun and said, "Strangulated by the 'Modi-made disaster of demonetisation' and 'Gabbar Singh Tax', Prakash Pandey, a debt-ridden businessmen, committed suicide and died after consuming poison at the BJP office in Dehradun! Who is responsible for his death?."

"But will Modiji show some anguish?," he asked.

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

First Published: Wed, January 10 2018. 20:05 IST