Dasgupta attacks Centre over state of economy
Slamming the government for the poor economic situation in the country in the Lok Sabha on Tuesday, CPI leader Gurudas Dasgupta said the country has been made insolvent.
The CPI leader who initiated the discussion on the economic situation in the country said: “A non-performing government has generated a dangerous crisis which is almost an economic disaster, thanks to their incapacity and inability.”
Lashing out at the government for “failing to stem the financial rot” and taking the country to a “crisis situation” as witnessed in 1991, Mr Dasgupta further said it was “distressing, alarming and chaotic”.
Suggesting that the government was looking at the US to help address the economic problems here, the CPI leader said, “Crisis is within India, not in America. Government has to evolve a policy to face the challenge...It has failed.”
Observing that the livelihood of millions of people have been affected and crores of jobs disappearing, he said farmers were also in “grave distress” as the agriculture sector’s growth had declined.
The CPI MP further said that while industrial production index growth rate had fallen from 1.1 per cent in 2012-13 to minus 2.2 per cent in June 2013, the rate of growth of manufacturing sector declined from 2.6 per cent in May 2012 to minus 2.2 this June. He further noted that the growth of the service sector was the lowest in 11 years at 6.6 per cent.
Senior CPI leader Mr Dasgupta observed that the rupee had devalued by 16 per cent, while the fiscal deficit stood at five per cent of the GDP and forex reserves declined to $275 billion.
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