Spokesperson: Ms. Supriya Shrinate: She said that India’s economy is seeing a very-very toxic concoction of low growth, low investment, low consumption, no jobs, no wages people drawing into their savings and the reality is that the GDP shocker for the second quarter at 5.4% means less economic activity, less economic opportunities from 6.7 to 5.4% in the second quarter it is a shocker, but what is more shocking is that the RBI and the government of India, the Ministry of Finance was caught completely unaware.

And this impacts you. GDP is a measure of your prosperity so a low GDP means you are far less prosperous. There is the huge dent and demand and consumption has come down to 5.9%. India’s share in global exports has gone down consistently, but this government doesn’t seem to care. Low investments, low growth everything means less jobs. Lakhs of vacancies in Central government, lakhs of vacancies in states, one after the other exams are being leaked. Amidst all of this, there are back breaking high prices, retail inflations, CPI well above the 6% comfort zone of both the RBI and the government.

India’s poor and India’s middleclass is not being able to put 2 square meals on the table, because inflation numbers are so high.CNG prices in UP, in Maharashtra, in Gujarat, all BJP-ruled states, have gone up sharply in the state of Uttar Pradesh where I come from in Agra and in Lucknow CNG is costlier than petrol, CNG is over 96 rupees and petrol is at 95. That’s the kind of steep price hike that CNG has seen.

Savings were at 11.6 lakh crore rupees in 2019-2020. They have almost halved to six and half lakh crore rupees are drop of 44%, what does this show? People have less jobs, people have less income, people are forced to spend their future savings, this is what it shows.

From the highs of 704 billion dollars of forex reserves, we are down to 656 billion dollars, the last reported number 48 billion dollar spent and yet the rupee, the fall just about continues.

The only silver lining in this very dark cloud is agriculture which has grown at three and a half percent. And guess, how Mr. Modi cheats the farmers of this country. They are not allowed to enter Delhi.

This is a vicious cycle in motion that Narendra Modi has put and he is not being able to control it, does he care, clearly not! Tuesday, December 3, 2024