The Communist Party of India (Marxist) on Thursday cornered the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government accusing it of destabilising nation's economy.
CP (M) in a statement said that the Centre's economic policies have proved to be disastrous for the country. And the recent statistics show that demonetisation, contrary to the government's claim has bearded no fruits.
"The economic slowdown has accelerated after demonetisation and the threat of recession is looming ahead. The index of industrial production for this quarter shows a growth rate of only 1.8 percent. The Modi government's economic policies are proving to be disastrous for the country," CP(M) said.
Highlighting the fact that the growth rate has fallen four quarters in a row, the statement further said, "GDP growth in the quarter of current financial year (April to June), stands at 5.7 per cent. Exports have been stagnant, and the non-performing assets of nationalised banks have increased to Rs. 8.26 lakh crores at the end of June 2017 (without adding interest)."
Slamming the BJP for making huge claims the CP(M) also questioned the agrarian distress, growing unemployment, and subsequent contraction of economic activity in the service sector.
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