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Economic survey: Congress uses Economic Survey data to blame ‘Modinomics’ for economic slowdown | India News

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NEW DELHI: The Congress on Monday latched on to the Economic Survey to mount a blistering attack on the Modi government, blaming it for the slowdown in India’s economy due to a fiscal policy that lacks “direction, cohesion and vision.”

“Economic Survey establishes that Modi government has become synonymous with distorting macroeconomic indices and slowing down economic progress,” said a statement issued by Congress spokesperson Randeep Surjewala.

The party took a swipe at ‘Modinomics’ and said the prime minister’s “myopic vision” has sent the country’s economy on a downwards trajectory.

Citing data gleaned from the Economic Survey 2017-18, Congress said the report has only affirmed its long-standing view that the BJP-led NDA goverment has “utterly mismanaged” India’s previously “robust” economy in the last four years.

“With one year to go for the next general elections, PM has plunged the state of India’s economy towards despondency, dejection and dire straits,” the statement read.

The party trained its guns on the Goods and Services Tax (GST) and demonetisation, both ambitious fiscal reform policies of the Modi dispensation, and said this “double whammy” had proved to be a setback to small businesses.

“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 crises, ‘Make in India’ is floundering, price rise is raising its ugly head and due to demonetisation and flawed GST, by the Economic Survey’s own admission, has severely ‘impacted the informal sector’,” the Congress charged.

The Economic Survey 2017-18 was tabled in Parliament by finance minister Arun Jaitley earlier in the day and sets the stage for the annual budget which will be presented on February 1. The report pegs India to regain fastest growing major economy tag, with the country’s GDP estimated to grow between 7-7.5 per cent in 2018-19. It also estimates the GDP to grow 6.75 per cent in the current fiscal.

Updated: January 29, 2018 — 2:08 pm

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