Budget 2016: Congress ridicules Modi government’s India growth story

New Delhi: Congress on Tuesday sought to expose government’s claims of the India growth story ahead of the presentation of the Union Budget saying the Sensex has shed about 5,500 points in the past one year.

Budget 2016: Congress ridicules Modi government's India growth story

“The BJP is trying to maintain a brave face. It claims that India is the fastest growing major economy of the world but it seems to have lost its credibility as the numbers are not looking good and are telling a disjointed story,” the party said in a commentary.

Insisting that it is time to cut through the hype and look at some of the numbers which need careful consideration, it said if one chose to look at the Sensex as a “scoreboard” for the economy, it tells a very interesting story.

“A year ago, on February 23, 2015, the Sensex stood at 28,975, while it has now slipped to 23,536 on February 23, 2016, when reports last came in. The Sensex has shed about 5,500 points in the last one year, which is roughly close to 20 per cent,” the commentary posted on its website said.

The party underlined that it would be important to note that the Sensex lost a little ground in the month before the first Budget was presented. In July 2014 (first budget of Modi Government), the Sensex was down by 211 points.

“In 2015, the Sensex was down by roughly 150 points, but in 2016 the fall has so far been around 1300 points, indicating the direction in which the wind is blowing,” it said, adding that “If you want to cure a problem, the nation first needs to acknowledge that a problem exists.”
Besides, it noted that the BJP and its leadership had made the value of the rupee an election issue during the last Lok Sabha elections.

“But the Indian Rupee has lost almost 17 per cent of its value since the Modi government took over. On 26 May, the exchange rate was Rs 58.69 to a dollar, which has declined to Rs 68.65, a slump of Rs 9.96, or 17 per cent,” the party said.

Exports have been taking a hit continuously for the last 14 months and it would be difficult to remember when this happened the last time. Exports fell 13.6 per cent in January and 17 of the 30 sectors are showing a negative trend, it noted.

“Worryingly, the government seems clueless on the exports front even as its decline is leading to a loss of jobs for the working class,” it said.

The Opposition party insisted that the biggest issue, however, has been the manner in which the government has been “denying” the benefits of low international crude prices to the people of the country. This has led to a situation where the consumer demand has taken a further hit.

“The government can be in a state of denial but there is little use in putting on a game face when the world already knows the reality. It is time to get real and get down to work. The government has three years to deliver on its promises and India cannot wait,” the party added

Posted by on February 24, 2016. Filed under State. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.