| Date: |
21-01-2016 |
| Subject: |
India staring at full-blown economic crisis: Deepender Singh Hooda, Congress |
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NEW DELHI: As stock markets witnessed a deep plunge, Congress today claimed that the country is staring at a "full-blown economic crisis" and wondered whether India's growth numbers projecting it as the fastest growing economy in the world were "credible."
"The BJP government may be projecting India as the fastest growing economy but the world is doubting the numbers", party spokesman Deepender Singh Hooda told reporters.
Hooda quoted from a newsletter of Nevsky Capital to its client telling them that Chinese real GDP growth is 7.1 per cent and India's is 7.4 per cent are "substantially overstated." to drive his point. The investment company has wound up its operations in India, he said.
Posing the question as to what the government is doing to bring exports back on track after 13 months of decline, he said that Prime Minister Narendra Modi has been travelling extensively but he is not marketing 'Purchase from India.' That would automatically boost manufacturing and exports, Hooda added.
"The irony is that the more the Prime Minister travels, the more the decline in exports", he said taking a dig at Modi.
Noting that 20 of the 60 months of the government's term are over, he said that at the end of BJP's 1/3rd term in office, "the nation is looking at a full-blown economic crisis and every day we get more data that indicates that we are struggling to find the bottom of bad news."
Expressing concern over decline in demand and consumption, he said falling demand spells trouble for the overall economy. The situation has been worsened due to "very little growth" in private investments.
Source : economictimes.indiatimes.com
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