Morung Express News
Dimapur | November 25
The Congress today said that India’s economy is in shambles and sinking and the BJP government is responsible for it.
“BJP government is selling India’s interests… bartering our financial independence and economic stability. Truth is that India is on the verge of a financial emergency,” All India Mahila Congress (AIMC) General Secretary Bismita Gogoi told a press conference in Dimapur on November 25.
The press conference was jointly addressed by Gogoi and Nagaland Pradesh Committee President K Therie.
According to Gogoi, all sectors of the economy have dipped to all time lows with the BJP government “now tapping into the RBI’s Emergency Reserves, meant only to be used in times of war or other grave financial emergencies.”
Citing figures, she said that the country experienced the slowest GDP growth in 6 years with the first quarter of the financial year 2019-20 showing a low 5 percent growth. From the 5th largest economy in the world, India has dropped to 7th and forecasts by financial institutions have not been bright, she said.
“New private investments have hit a 16 year low. Household savings are at a 20 year low, while India’s overall savings rate has declined to 30 percent from 34.6 percent.”
She added that capital goods and electricity sector have returned negative growth, while industrial growth shrank to a 7-year low of 1.1 percent in August and the agriculture sector slipped to 2 percent in the first quarter of 2019-20.
“Kharif crops were selling at 8-37 percent below the Minimum Support Price (MSP). Crores of farmers… did not get the MSP for their crops,” she said.
Job-wise, she said that unemployment is at a 45 year high. Citing the Centre for Monitoring of Indian Economy, she said that the unemployment rate stood at 8.19 percent as on August this year. In education, she said that 74 percent of the youth between 18-23 years of age do not get a college education.
Adding to the woes, she said that Gross Tax Revenue for 2019-20 is likely to see a shortfall of Rs 2,00,000cr and the banks have Non Performing Assets amounting to Rs 8,00,000cr.
“The BJP government’s first assault on the economy was the demotisation, second was GST and the third, a probable signing of the Regional Comprehensive Economic Partnership Agreement.”
When reminded that Prime Minister Narendra Modi has backed out of the deal, Gogoi and Therie responded that it is good if that is the case.
On the Citizenship Amendment Bill, Therie said held that there cannot be citizenship on the basis of religion, adding, “We oppose it tooth and nail.”
He added, “BJP members are all unconscious. Modi will blah blah and the rest of the members will say yes.” In Nagaland, he alleged that the ruling party is protecting a corrupt state government by targeting the opposition.
 MEETING RESOLUTION.JPG)
