Demonetisation, hasty GST hampered economic progress: Congress

Demonetisation, hasty GST hampered economic progress: Congress

Agency News

New Delhi, Nov 27 :  Leader of the Congress Anand Sharma on Wednesday said repercussions of a wrong decision of demonetisation on November 8, 2016 can be seen on the country's economy and what hampered the economic progress more was that the decision of GST was taken in haste.

Initiating the short duration discussion on the economic situation in the Rajya Sabha, Sharma said national income has fallen steeply, private sector does not have much money to invest.

Highlighting the miseries of different sectors, Sharma said employment has reduced, markets are in a shattered shape, people don't have money to buy items of necessity and moreover farmers are suffering from the last five years.

'We all know economy runs on four engines--consumption, income that comes from public and private modes, credit off take to industry and net exports,' said the Congress MP.

The trust of investors is diminishing, people's trust in banking facility has broken. Household savings have reduced from 23.6 per cent to 17 per cent now. GDP of country has fallen to 5 per cent.

Income rate was 36.8 per ent in 2012 which has fallen by seven per cent.
According to NSSO, unemployment has risen and is highest in 45 years. (UNI)