Business
The Congress on Monday launched a scathing attack on the Central government after the Economic Survey was presented in parliament earlier in the day.
Updated : Jan 29, 2018, 09:06 PM IST
The Congress on Monday launched a scathing attack on the Central government after the Economic Survey was presented in parliament earlier in the day.
In a press release, party spokesperson Randeep Surjewala said that the Economic Survey has 'affirmed the utter mismanagement of India's econoy by the (Narendra) Modi government in the last four years.'
‘Modinomics’ has ‘Decoupled’ India’s robust Economy by myopic vision & double whammy of ‘DeMo-Disaster’& ‘Ill-conceived GST’#EconomicSurvey establishes that Modi Govt has become synonymous with ‘Distorting Macroeconomic Indices’ & ‘Slowing Down Economic Progress’
— Randeep S Surjewala (@rssurjewala) January 29, 2018
Our Statement- pic.twitter.com/BYlz9qdzzI
"GDP growth is down; agriculture is in utter disarray. Rural wages are declining; industrial growth is plunging; job creation figures are invisible; fresh investment is low; education and health spending is in crisis; Make in India is floundering; price rise is raising its ugly head and due to demonetization and flawed GST, the informal sector, which by the Economic Survey's own admission, has severely 'impacted the informal sector.'
Highlighting how the Centre had failed in its fourt year in power, the Congress listed a number of parameters to corroborate their claim.
1) Budget 2017-18 predicted a GDP Growth of 7.5% for 2017-18. FM has turned out to be more than a full percentage point off the mark! This year again, the Economic Survey predicts GDP Growth at 7-7.5% for 2018-19, we sincerely hope that this prediction does not become another lame duck prediction, considering the constantly diminishing past track record of GDP growth in the years 2015-16 (8%), 2016-17 (7.1%) and 2017-18 (6.5%)
Budget 2017-18 predicted a GDP Growth of 7.5% for 2017-18. FM has turned out to be more than a full percentage point off the mark!
— Randeep S Surjewala (@rssurjewala) January 29, 2018
This year again, #EconomicSurvey2018 predicts GDP Growth at 7-7.5%,we sincerely hope that this prediction does not become a lame duck one! 1/
2) Agriculture is India’s Lifeline. Economic Survey recognises that and says “Agriculture matters for economic reasons because it still accounts for a substantial part of GDP (16%) and employment (49%)”. But causing ‘Agrarian Distress’ has become the designed objective of Modi Government.
#EconomicSurvey2018 recognizes Agriculture as India’s Lifeline.
— Randeep S Surjewala (@rssurjewala) January 29, 2018
Agri-GDP growth under Modi Govt has plunged to just 1.9%,less than half of what was achieved in the 10 years of Congress-UPA.
Reason is deliberate betrayal of India’s Farmers by PM on promise of Cost+50% of MSP. 2/
Even if the Agri-GDP growth jumps to 4% in 2018-19, the five-year average will still be 2.3%-lowest since economic reforms begun! #EconomicSurvey2018 admits that BJP’s promise of ‘Doubling Farmer Income’ would require ‘12% Growth per annum for 6 continuous years’! 3/
— Randeep S Surjewala (@rssurjewala) January 29, 2018
3) The Average Industrial Growth during the 10 years of Congress-UPA was 4.2%, while the Average Industrial Growth in the last 4 years of Modi Government in 3.7%. Construction sector which is the largest employer in the non-agriculture sector has slowed to 1.7% in FY2017. No wonder, there are no jobs in the country!
4) Economic Survey says the GST rate should have been one single rate of 15 - 16%. The Modi Government did not listen to the Congress' suggestion of a true 'One Nation, One Tax' cap but it chose not to listen to its own CEA by complex and cumbersome GST rates.
#EconomicSurvey2018 says the GST rate should have been one single rate of 15 - 16%.
— Randeep S Surjewala (@rssurjewala) January 29, 2018
The Modi Government did not listen to the Congress' suggestion of a true 'One Nation, One Tax' cap but it chose not to listen to its own CEA by complex and cumbersome GST rates. 4/
5) Weak Export and a Trade Deficit at a 3 year high have also added to the economic stress. The manufacturing export as % of GDP has declined from 10.6% to 8.3%
6) Although the Economic Survey alludes to the rising Oil Prices in the last 3 quarters, the stark truth is that Modi Government failed to utilize the windfall of Rs 5.9 Lakh Crore (Till September 2017) due to Central Excise Duty and Taxes for the benefit of common people.
Although the #EconomicSurvey2018 alludes to the rising Oil Prices in the last 3 quarters,the stark truth is that Modi Government failed to utilize the windfall gain of Rs 5.9 Lakh Cr (Till Sept 2017) levied through Central Excise Duty & Taxes for the benefit of common people.6/
— Randeep S Surjewala (@rssurjewala) January 29, 2018
7) Rise in food prices for the average consumer. Food inflation has gone up to 5% overall in December 2017 from just 2% in December 2016.
8) For all the hoopla over "Beti Bachao Beti Padao" (BBBP), the Economic Survey says that there are still 20 lakh girl children that go missing every year. The Modi Government’s outlay of “Beti Bachao, Beti Padhao” Scheme for 161 Districts was just Rs 200 Crore for the year 2017-18. That means each district under the scheme was provided on an average just Rs 1.24 Crore. How will the ‘Beti’ benefit from this meager budget? Was it only meant for advertisements?
For all the hoopla over "Beti Bachao Beti Padao", #EconomicSurvey2018 says that still 20 lakh girl children that go missing every year!
— Randeep S Surjewala (@rssurjewala) January 29, 2018
Modi Govt’s outlay for BBBP covering 161 Districts was just ₹200 Crore for 2017-18-means each district provided on an avg just ₹1.24 Cr! 7/
9) It remains non-committal that Modi Government can control its Fiscal Deficit. If the government slips on its deficit commitment, then it can lead to review of India's ratings.
#EconomicSurvey2018 remains non-committal that Modi Govt can control its Fiscal Deficit. If the government slips on its deficit commitment, then it can lead to review of India's ratings. 8/
— Randeep S Surjewala (@rssurjewala) January 29, 2018
10) The Economic Survey claims that there is a “50% increase in unique indirect tax registrants since GST”- However the stark reality is that Modi Govt had set a target of Rs 1.9 Lakh Crore of Gross Tax Revenue for FY18, instead the Central Government only earned Rs 1 Lakh crore till November 2017, falling short of Rs 90,000 Crore.
11) Last year, the Economic Survey stressed on reigniting the Apparel and Leather Sector in order to provide impetus to growth. Due to which, then a package of Rs 6000 Crore was announced in June 2017. The Economic Survey in its flowery language virtually accepts that the Rs 6,000 Crore Package failed to provide impetus to the sector. The package did not have a statistically positive impact on RMG (Ready Made Garments) made of cotton and silk (two most important fibers of Indian export).
Last year, #EconomicSurvey2018 stressed on reigniting the Apparel Sector.Due to which, then a package of Rs 6000 Cr was announced
— Randeep S Surjewala (@rssurjewala) January 29, 2018
This year,it accepts package did not have a statistically positive impact on Ready Made Garments Exports made of cotton & silk(two most imp fibers)9/
All in all it has turned out to be ‘much ado without direction, cohesion & vision’!