Economic Survey reflects 'sorry state' of Indian economy: Cong

Congress today said the Economic Survey reflects the "sorry state" of Indian economy and the government is unable to find short or long-term solutions to the problems faced by it.
"Indian economy is in doldrums and a downwards trajectory on account of massive mismanagement and misdirected experimentation of Modi government," Congress chief spokesperson Randeep Surjewala said.
In a statement, he said the Modi government is clearly unable to inspire confidence in the private sector to borrow, invest, expand and grow.
"Lack of financial acumen and understanding of Indian economy's strength and fault lines by Prime Minister Narendra Modi and his team have led to the sorry state reflected in 'Economic Survey' of falling exports, vanishing jobs, reduction in credit growth, depleting capital formation and massive downslide in demands and corporate sales.

"Clearly, the Economic Survey proves that Modi government is clueless in finding a short or long term solution to these yawning problems faced by India's economy," he said.
Surjewala said the downward spiral predicted for the economy stands vindicated by the BJP government's Economic Survey released by the Chief Economic Adviser today.

"Demonetisation has crushed India's economy wiping away the huge domestic demand and capacity of the common man to purchase and consume," he said.
The Congress leader said the Economic Survey has lowered GDP growth forecasts to 6.75 per cent by admitting that there may be a further downside due to demonetisation.

"The monumental blunder of demonetisation has struck a decisive blow on India's growth prospects, causing a massive loss to the economy of at least Rs 1.5 lakh crore in the interim, which is what a 1 per cent reduction in annual growth is worth.
"The human cost, in terms of lost income, livelihoods and opportunities is much higher. Is PM Modi not responsible for this devastating loss of lives, income and GDP?" he asked.
Surjewala said the Economic Survey seeks to submit an apology by speculating on the "possible benefits" of demonetisation and exposes the "falsehood" that it omits demonetisation from the list of Modi government's successes.

"Just like when demonetisation was proved a human and economic disaster, Prime Minister Modi shifted the goalpost to a cashless economy; the Economic Survey preposterously states that the aim of demonetisation was to lower real estate prices!," he said.
The Congress spokesman also raised the issue of Economic Survey making a renewed case for RBI transferring Rs 4 lakh crore to the government.
"It suggests that this be used either to address NPAs and stressed assets or to retire a portion of the national debt. This shows how the government continues to be a 'suit-boot' Sarkar as it tries to salvage the NPAs of its corporate cronies using public money. This is the real intent of PM Modi which stands exposed," he said.

Surjewala alleged that "this is not the supposed windfall that was expected from the RBI after demonetisation but one, which did not materialise. This is the RBI's capital, which it deploys to stabilise the rupee as also our economy".