Advertisement
Monday, Nov 29, 2021
Outlook.com
Outlook.com

India's Economic Condition Akin To 'Financial Emergency': Congress Leader Abhishek Singhvi

Congress spokesperson Abhishek Singhvi raised the issue of the slowdown in the automobile sector. The trend of the slowdown in the automobile industry did not come all of a sudden, Singhvi said.

India's Economic Condition Akin To 'Financial Emergency': Congress Leader Abhishek Singhvi
Congress Leader Abhishek Manu Singhvi | File Photo
India's Economic Condition Akin To 'Financial Emergency': Congress Leader Abhishek Singhvi
outlookindia.com
2019-08-18T20:40:12+05:30

The Congress on Sunday expressed concern over what it called the "slowdown" of the economy and said the country is facing a situation like that of a "financial emergency".

Congress spokesperson Abhishek Singhvi accused the BJP of diverting the people's attention from its failures.

Expressing concern over the economic slowdown, Singhvi said the situation is like that of a "financial emergency".

He raised the issue of the slowdown in the automobile sector.

The trend of the slowdown in the automobile industry did not come all of a sudden. The 31 per cent fall in sales is also the ninth straight drop in monthly passenger vehicle sales, Singhvi said.

"Sales have fallen in 12 out of 13 months since July 2018, underscoring the sharp slowdown in the world's fourth-largest automobile market," Singhvi said at a press conference.

He also raised the issues of crashing stock exchange and rising fiscal deficit.

The other issues he raised are falling GDP figures, shrinking labour force, recession in real estate sector, continuous weakening of rupee, and falling foreign direct investment and foreign portfolio investment.

Criticising the Narendra Modi government, he said, "Ironically, if one looks at between Modi 1 (government) beginning and Modi 2, he or she shall figure that has been a regression in progress."

Singhvi also accused the NDA government of being unable to come up with a "sound" monetary policy.

"It has to consider about the trade-off between unemployment and inflation," Singhvi said.

He also asked "why the rate cuts have been announced by the RBI even after so many days? Only one-third of the rate cuts have been implemented by the banks, the substantial chunk has not reached the recipients of credit".

"Why there is so much noise about selling ailing public sectors but absolutely no progress on the ground," he asked.

Singhvi further said that when Prime Minister Modi assumed office, the rupee was at 58.7 against the US dollar.

"However now rupee has further devalued. One USD has reached Rs 71 and is anticipated to cross Rs 72 limit in the coming weeks," he said. 

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Heavy Fines, Media Gag: Maharashtra Learns From Past As It Gears To Tackle Omicron

Heavy Fines, Media Gag: Maharashtra Learns From Past As It Gears To Tackle Omicron

Maharashtra CM Uddhav Thackeray has instructed all the ministers in charge of the districts to tighten coordination with the local administration to ensure proper prevention of another Covid-19 outbreak.

Omicron Shows Why Countries Need To Start Sharing Their Vaccines

Omicron Shows Why Countries Need To Start Sharing Their Vaccines

'Despite the repeated warnings of health leaders, our failure to put vaccines into the arms of people in the developing world is now coming back to haunt us', wrote former British PM Gordon Brown.

Iyer Plays Down Record, Says 'Important Thing Is To Win Match'

Iyer Plays Down Record, Says 'Important Thing Is To Win Match'

Shreyas Iyer hit 105 and 65 against New Zealand to become the first Indian batter to score a century and half-century in his debut Test match.

Covid-19: Experts' Take On Omicron And Possibility Of Third Wave In India

Covid-19: Experts' Take On Omicron And Possibility Of Third Wave In India

Though the health experts and scientists in India have advised caution yet they feel that the current immune profile of the majority of the population in India makes them less vulnerable to Omicron as compared to any other country in the world.

Advertisement