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CWC expresses concern over poor state of economy

The Congress Working Committee (CWC) on Saturday expressed concern over the poor state of the economy, 'tax terrorism' and unemployment, noting that agrarian distress has become a hallmark of the Modi government.


IANS Last Updated at 05 Aug 2018, 04:08 IST India
CWC expresses concern over poor state of economy

The Congress Working Committee (CWC) on Saturday expressed concern over the poor state of the economy, 'tax terrorism' and unemployment, noting that agrarian distress has become a hallmark of the Modi government.

"CWC noted with anguish over the poor state of the economy and tax terrorism that prevails today in the country. The government has discovered the virtues of pre-liberalised regime moving towards a system of tax terrorism control and 'licence raj'.

"Gross Fixed Capital Formation, the biggest indicator of fresh investment, has fallen from 31 percent to 28.5 percent. Index of industrial production continues to hover around 3.2 percent," said Congress spokesperson Randeep Singh Surjewala.

"Credit growth is dismal with MSMEs experiencing negative credit flow. NPAs of banks have risen to an alarmingly high figure of 11.6 percent in 2018 and have been assessed at Rs. 10.30 lakh crore.

"FDI and new projects are declining. In industrial hubs across the country, MSMEs are shutting down leading to loss of jobs. The rupee is on a downward spiral getting devalued from Rs.64 to Rs.69.50 in less than six months.

A myopic Modi government has no control or vision to kick-start the economy," he added. Surjewala said that Congress President Rahul Gandhi and CWC expressed deep concern on the state of joblessness.

He said CWC also noted that Modi-made disaster of demonitisation and ill-implemented GST has led to severe job losses. "The government is shying away from releasing the Labour Bureau Survey figures for December 2017.

As Prime Minister Narendra Modi's promise of creating 2 crore jobs a year fails, it is regrettable that he exhorts the youth to sell 'pakoras' and 'pans' instead of creating real jobs," said Surjewala.CWC also noted that agrarian distress has become a hallmark of Modi government.

"PM Modi promised 'Cost+50 percent profit' on MSP, but it has proved to be a 'jumla'. The latest increase in MSP of crops doesn't confirm it as per the report of CACP 2018.

The declared MSP being given to farmers in mandis, where the crop is selling at rates ranging from 27 percent to 42 percent, is below the declared MSP," said Surjewala.

"PM Fasal Beema Yojna has profiteered the insurance companies with Rs.14,800 crore leaving the farmers to a pittance of compensation claim of Rs.5,600 crore.


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