Statement of Shri Anand Sharma, MP Deputy Leader of Congress Parliamentary Party Former Union Minister for Commerce & Industry
It is a matter of grave concern that the Indian Economy is fast slipping into deep recession, with no hope of recovery in the foreseeable future. All fundamental parameters remain in constant decline. The GDP has fallen for six quarters with demonetisation alone shaving off two percent of the GDP, investments have Shrunk by six percent to a historic low, Gross Capital formation is in the negative, Industrial production, manufacturing and trade have almost collapsed and the credit off-take has fallen to a sixty five year low.
Prime Minister Modi has betrayed the youth. A government that had promised ten million jobs a year has not only failed to create jobs but is responsible for destroying tens of millions of jobs by its irresponsible and wrong policies and decisions. A sense of disappointment and despondency has overwhelmed the youth.
The state of PSU banks burdened with over Rupees nine lac crore of NPA's and the failure of the government to infuse the capital is equally a matter of concern. Many Banks face the risk of global downgrading and even collapse. There is no guarantee for securing hard earned money and savings of our people.
The sharp fall in the International crude prices has been a bonanza for the government, which has refused to pass on the benefit to the consumer. It is profiteering at people's cost. Had the cost of crude oil imports not been halved, the Indian Economy would have been in ICU.
The Prime Minister and Finance Minister remain in denial and are clueless on addressing the crisis of their own making. They are guilty of monumental mismanagement of Indian Economy.
PM Modi is singularly responsible for inflicting grave damage on the Economy by his reckless decisions including demonetisation and hasty imposition of a flawed GST. The disastrous implementation has hurt the Industry, small entrepreneurs and traders. The informal sector has been badly hit. Small Businesses are shutting down resulting in more job losses. A cash flow visit has been created for the Industry with shortage of capital for the exporters. Tax terrorism has been let loose as the input credit refunds are not made.
Prime Minister remains unmoved, unapologetic and arrogant. He continues to evade responsibility which is essential in a Parliamentary democracy.
The appointment of PM's Economic Advisory Council after 40 months is purely cosmetic and a farcical exercise. The council comprising of apologists and cheerleaders, who applauded and endorsed all wrong decisions of Prime Minister lacks credibility and shall not serve any purpose.
India is in a real danger of slipping into economic depression. The Government must release a white paper on the state of Indian Economy, to restore the health of PSU banks through urgently needed recapitalisation and the measures it proposes to arrest the free fall.