Highlighting the flawed policies of BJP led NDA government at the centre, the Congress party said that PM Narendra Modi’s policies are sinking India’s Economy and Indian currency has become Asia’s weakest currency under Modi Government.
Congress Communications Incharge Randeep Singh Surjewala said, ” No matter how many alibis and untruths the BJP weaves- Truth is that Modi Government has systematically weakened our Economy and deliberate accidents like Disaster of Demonetisation, Implementation of a Flawed GST, Weakening the Banking Sector and Tax Terrorism are squarely responsible for this.”
Alarming the Modi government to make a belated course correction so that Indian Economy could be saved, Surjewala said, “Narendra Modi’s policies are sinking India’s Economy .What the Congress party could not achieve in 60 years, Modi and his deliberately flawed economic policies have achieved in just 60 months! Rupee has lost almost 10% of its value in 2018 itself. Rupee has become Asia’s weakest currency under Modi Government.”
While many currencies of Asian nations have infact appreciated during the same period, however, the Rupee has lost its shine.
“Rupee is in ICU. Modi Government is at its last lap. All the loudmouth tall promises of Narendra Modi during the 2014 Lok Sabha elections have disappeared from the BJP’s narrative,” Surjewala said.
Surjewala said that poor Domestic Policies are the only reason for a Plunging Value of Rupee, ” It is now proved beyond doubt through the RBI Annual Report 2017, that ‘Modi Made Disaster of Demonetisation’ derailed the Indian Economy. This resulted in widening the Current Account Deficit (CAD), thereby negatively impacting Rupee value vis a vis dollar. The Current Account Deficit could go up to 2.8 percent of the GDP for FY19, compared to 1.9 percent in FY18 due to the widening trade deficit.”
Since the day, Modi Government implemented a flawed an ill-conceived GST; the Current Account Deficit has continuously fallen and never recovered.
He said that new jobs can be only created by new investments not by Jumlas or Diversionary Tactics!
“Foreign Investors are consistently losing confidence in Government policies and incoming FDI, since April, 2018 is on a downward spiral; this would lead to a further weakening of Rupee Vs Dollar,” he stated.
RBI Annual Report testifies that Net Exports have dipped since the Modi Govt has assumed office. This was further exacerbated by the Demonetisation Disaster as the MSME Sector was severely hurt.
” As the price of imported raw material or even semi-finished products rise, manufacturing costs of these products are also expected to rise. This would have an inflationary impact on domestic prices of capital goods and domestically used appliances like – home appliances, cars, two wheelers, electronic goods, mobile phones, mechanized farm equipment etc,” He said.
Making a satirical attack on Finance Minister , he said Arun Jaitley is busy writing long winding blogs to score political points and has completely ignored the seriousness of a Falling Rupee.