Cong hits out at Govt, demands to declare financial emergency

Cong hits out at Govt, demands to declare financial emergency

Agency News

New Delhi, Aug 30 : Attacking Narendra Modi government over the economic slowdown, the Congress on Friday demanded to 'declare national financial emergency' and 'release a whitepaper on sinking economy and rising bank frauds'. Addressing mediapersons at AICC headquarters, party spokespersons Jaiveer Shergill and Prof Gaurav Vallabh said the BJP government should abide by the orders of the Central Information Commission (CIC) and Supreme Court and reveal the names of willful defaulters.

"Bank frauds have increased by 74 per cent, GDP is at five-year low, industries like ParleG and automobile industries are dissolving like a biscuit in a teacup, jobs are evaporating faster than acetone, but the BJP is behaving as if they are oblivious of the fatal crash that we are headed towards,'' said Mr Shergill. Taking on the ruling front, the Congress spokesperson said that BJP working president JP Nadda and Finance Minister Nirmala Sitharaman are busy labeling Congress as a failed government rather than looking at themselves.

"They forget that Dr Manmohan Singh treated the economy like a doctor. Current Prime Minister is treating the Indian economy like a circus, he added. Furthering the attack, Mr Shergill alleged that BJP is depicting an anti national behaviour by refusing to address the deepening, worsening economic crisis of the country and is busy attacking the opposition rather than curing the economy. "Ms Sitharaman said that the economy was bad during UPA tenure, who are they to question us. As a responsible opposition, we want to urge that the BJP direct their anger, their frustration with the Congress towards curing the economy, he said.

Referring to the recent report by the Reserve Bank, Mr Shergill pointed out that the RBI has red flagged that the economy is sinking and added "the savings are shrinking, businesses are closing, jobs evaporating, that’s the sad state of Indian economy but the BJP is refusing to acknowledge that". "Today, businesses are shutting down, the economy is helpless, unemployment is rising, but the BJP is still in campaign mode and celebration mode, they are not in working mode. They should come out of campaign mode and start on a corrective mode to save this sinking economy, he said.

Mr Shergill alleged that BJP is busy in window dressing rather than addressing the grave economic crisis facing the country. "Home Minister Amit Shah said Indian economy is fast growing at 7 per cent. Ms Sitharaman has declared that Indian economy is growing as fast as the USA and China. BJP is busy in window dressing rather than addressing the grave economic crisis facing the country, he added. Taking on the government, Prof Vallabh said that everybody from economists to industrialists are saying there is recession and added, "however, the government is denying this. If you do not accept the disease, how will you cure it".

He also alleged that there has been a 74 per cent rise in bank frauds and the amount of bank fraud in the last five years is Rs 1,74,753 crore, equal to the amount that the Reserve Bank has given to the government. "We need to understand why government has taken Rs 1.75 lakh crore from RBI. When government does not meet even a single tax target, direct tax, GST etc, while those have been planned in the budget, only then you take money through the back door, “he added. As a warning, he said that government has taken RBI's Contingency Risk Buffer worth Rs 52,637 crore in the Rs 1.76 lakh crore it has taken and added that "during the global recession in 2008-09, India was untouched because the RBI had the money to absorb such contingencies".UNI