Give your action plan to revive economy: Congress tells govt
Saying that state of the Indian economy is critical as its “all four engines have stopped”, the Congress on August 13 demanded the government to spell out its plan of action to revive the stalled growth.
Senior Congress spokesperson Anand Sharma accused Prime Minister Narendra Modi of making light of the situation by terming it temporary in an interview published August 12 in a national daily, and said he should have consulted his Economic Advisory Council before saying so.
“The situation is serious. The government owes an answer to the people. The prime minister’s interview or the homilies of the Home Minister are not enough. We want to see the government’s plan of action. What action plan do they have to revive our economy, to create jobs to revive investment,” he told reporters.
He said the prime minister merely borrowing two words from China to talk about “animal spirit” would not work.
“Mr Prime Minister, we all know what the animal spirit to lift the economy is. We want to see the real action now,” he demanded.
“The economy is not at all a galloping economy. It is an economy which has stalled, the growth engine has stalled, all the four engines have stopped functioning — investment, industrial production, capacity utilisation and exports,” he noted.
Sharma said the numbers are very clear and alarming, as unemployment has risen to the highest levels of more than last five decades and the GDP is regularly falling.
“The prime minister in his interview was trying to make light of this situation. He was saying that the fall in demand is temporary. With due respect, the prime minister should have consulted his Economic Advisory Council. And the members of his own Economic Advisory Council would disagree with the prime minister that this is merely temporary,” he said.
The Congress leader said the demand has fallen in most sectors and industrial manufacturing is falling. The most alarming is the automobile sector where the demand has fallen by as high as 20pc in the month of July only, he said, claiming it is 30pc overall.
“It is not only the demand, it is the production of the automobiles — both of the passenger vehicles and the commercial vehicles, which has been cut by put together, close to 25pc. It is a serious situation,” he said.
“Over one lakh workers and labourers have been retrenched in the month in the automobile sector. It is feared that 3.5 lakh jobs would be lost by the end of August. Overall, last year in the one month 1 million jobs have been lost. This is unacceptable situation for the country,” he said.
Sharma said it is time these questions are answered as people “cannot be misled” and the government cannot perpetuate by hyperbole or propaganda, patriotism, nationalism.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.