The economy of this country is just shaken! The Congress party said that on Friday in a press conference. They were demanded that a financial emergency should be declared by the Indian government. The government should release a white paper on “shrinking economy and rising frauds”.
Nirmala Sitharaman addressing a press brief on Friday lambasted the Congress party for indulging in “huge corruption and scandals.”
Congress spokespersons Jaiveer Shergill and Gaurav Vallabh accused the BJP government of destroying the credibility of the country’s economy and banking system and demanded that it should declare the names of wilful defaulters, along with the details of their non-performing assets (NPAs).
He said, “We reiterate that the BJP government should release a white paper on the shrinking economy and rising frauds.”
Vallabh said clearly, “It is getting clearer by the day that the country is heading towards a major recessionary phase. This is a classic case of recession under expansionary trends, as whenever there are three continuous quarters of growth recession (reduction in growth quarter-on-quarter), the chances of slipping into a full-blown recession are significantly higher.”
He added that once the June 2019 quarter numbers were announced, it would be clear that India was witnessing a reduction in growth for five consecutive quarters.
Vallabh, the spokesperson said the problems that this phenomenon put forth were that natural recovery did not occur and the country had to solely rely on monetary policy actions, while the short-term stimulus remained short-term and only helped in assuaging wounds.
As one of the opposition, Congress wanted the government to immediately issue a white paper on the state of the economy, he added.
“Rather than a band-aid approach, we want a substantial solution to this state of the economy,” the Congress spokesperson said, wondering why the government would not accept that the country was witnessing a recession and it would only be revived when a private and public investment cycle would start in the economy.
Shergill alleged a “systematic decimation of the economy” with worsening distress in the farm sector, factories, and finance, adding that only frauds, fake promises, and aggression on the system were rampant in the country under the Bharatiya Janata Party’s (BJP) rule.
He also alleged that frauds in the banking system shot up by 74 percent to Rs 71,543 crore in the 2018-19 financial year, compared to frauds worth Rs 41,167 crore committed in the 2017-18 financial year.