New Delhi, Aug 18 (UNI) The Congress on Sunday attacked the Centre saying the government is "doing nothing' about the economy which is in a shamble.
'The economy is in shambles and the government is doing nothing but fiddling, looking left, right and centre, not even policy solutions, much less implementation,' Congress spokesperson Abhishek Manu Singhvi said, addressing a press conference here.
Listing ten failures of the economy, he said automobile sales have declined of 31 per cent till July from a year ago. He said in cars alone there is a 23 per cent drop, 12 per cent for two wheelers and 14 per cent for tractors.
Singhvi then mentioned the crash in the stock market where the BSE dipped 5 per cent, midcap and smallcap by 8 per cent while the Nifty fell by 10 per cent.
He said third failure was 'rising fiscal deficit deceiving figures'. The Congress spokesperson said Finance Commission admitted that CAG recalculated that fiscal deficit for 2017-2018 and it stands at 5.8 per cent while the government reported it to be 3.46 per cent.
Falling GDP figures is the fourth failure, he said. 'Government claims to make our GDP double digit while actual figures for January-March 2019 was 5.8 per cent, the lowest in Modi’s first tenure. World over nobody claims our GDP figures are more than 6.5 per cent currently.'
He also mentioned the shrinking labour force as the fifth failure.
The Congress spokesperson said recession in the real estate sector is the sixth failure and downgrading by credit agencies as the seventh failure.
He said the continuous weakening of Rupee was the eighth failure adding, 'the rupee has emerged as the worst-performing Asian currency in the month of August.'
He said the ninth failure was ' Falling Foreign Direct Investments' as FDI into India contracted by 7 per cent to USD 33.49 billion during April-December in the 2018-19, according to Commerce and Industry ministry data.
He said the tenth failure was that 'Foreign Portfolio Investors (FPIs) pulling out money'. 'Continuing with their selling spree, foreign investors pulled out a net amount of Rs 9, 197 crore in just seven trading sessions in August due to both domestic and global factors,' Singhvi added.
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