Team Herald
PANJIM: The All India Congress Party (AICC) has taken a dig at the Centre over the economic crisis claiming that while BJP is getting richer, common men are getting poorer.
“The Indian economy is headed for a serious stagnation. Indian economy was on a free fall with no green shoots visible. While Indians have become poorer, the BJP has become rich. Look at the money they get in Electoral Bonds, monopolizing 95 percent of the funds received. It is a government of the 1 percent by the 1 percent for the 1 percent,” AICC National Spokesperson Sanjay Jha said at a press conference held in the party office in Panjim on Friday.
The leader claimed that RBI has lowered India’s GDP growth forecast for financial year 2019-20 to 6.1 percent which will be the lowest in 6 years. “The IMF, World Bank etc are all equally bearish,” he added.
He went on to cite several reasons for the virtual recession such as rising rural distress, record levels of joblessness, falling consumer demand and comatose private capital investment, flat exports, the unresolved twin balance sheet problems of bank NPA’s and large willful defaulters, etc. “To say that the Indian economy is gasping for breath on a ventilator will not be an exaggeration,” he commented.
Reacting to high GST rates, Jha argued it has aggravated woes of the ordinary people whereas indirect taxes are regressive in nature. “Unemployment means a humongous waste of human resources; the Modi government has destroyed India’s demographic dividend. Our literacy rate at 71 percent is lower than that of Rwanda and Congo because new investment in education has dwindled. We have thrown away our competitive advantage,” he lamented.
