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India’s economy in shambles under BJP govt: Cong

India’s economy in shambles under BJP govt: Cong
(C) Bismita Gogoi with state Congress leaders. (NP)
Staff Reporter DIMAPUR, NOV 25 (NPN) | Publish Date: 11/25/2019 11:47:35 AM IST

Accusing the BJP-led government at the Centre of selling India’s interest at every step and bartering country’s financial independence and economic stability, the grand old party Monday said that country’s economy lay in shambles today.

Addressing a press conference organised at Hotel Saramati here as part of party’s nationwide protest over unemployment, economic slowdown, agrarian distress and the Regional Comprehensive Economic Partnership (RCEP) agreement, the All India Mahila Congress (AIMC) general secretary Bismita Gogoi said that job creation was in “coma” as economic and agriculture growth remained in the “ventilator.”

“Sinking economy, shrinking savings, shutting down of businesses and spiralling bank frauds reflect the sad state of affairs of Indian economy under BJP government,” she said.

Even as the government deciding not to join the RCEP, Gogoi expressed apprehension that BJP-led government could join RCEP and betray the country leading to the economic downfall of the country.

Calming that BJP government has turned India’s “demographic dividend” into a “demographic disaster”, AIMC general secretary pointed out that as per National Sample Survey Office (NSSO) data unemployment was at a 45-year high and still climbing.

Also, citing Centre for Monitoring of Indian Economy (CMIE) data, she said that unemployment rate stood at 8.19% as in August 2019 highest ever.

Describing the state of education as “even more dismal”, Gogoi said that 74% of youth between the age of 18-23 years did not go to college. “Even worse, only 2.5% colleges in India run a Ph.D programme,” she said citing 8th Annual All India Survey on Higher Education 2018-19, Ministry of HRD.

She accused the BJP government of demolishing the educational edifice and employment avenues for the young in the country.

Holding BJP government responsible for “deep financial distress” in the Indian economy, AIMC general secretary said GDP growth was lowest in six years and new private investments have hit 16-year low.

Besides, she said that industrial growth has shrunk to 1.1% in August 2019, growth in capital goods was -21% (negative) since February 2013 and Bank’s NPAs were already Rs.800,000 crore. “To add to the financial woes, the Central government’s Gross Tax Reenue for 2019-20 are likely to see a shortfall of Rs.200,000 crore,” Gogoi said.

Concerning agrarian crisis, she said that agriculture sector GDP has slipped to a mere 2% in the first quarter of FY20. Instead of the promised 50% cost + MSP, she said farmers have been left at the mercy of market forces.

On the Citizenship Amendment Bill (CAB), AIMC general secretary said ‘CAB will fail in democracy but will win parliament because of the majority of the numbers’.

Nagaland Pradesh Congress Committee (NPCC) president K Therie, who also addressed the press conference, said that BJP members were “unconscious members” because they “blindly’ follow what their leader PM Modi says. 

With regard to Nagaland’s economy, Therie said that “Nagaland has been talking about politics, but never about economy”. He said that it was time that the state government talk about economy.

Therie also pointed out that “There has been no investment in the state for the last 15-20 years and BJP has been protecting the corrupt leaders.”

 

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