Never miss a story

Get subscribed to our newsletter


×

New Delhi: The Congress on Wednesday slammed the Narendra Modi government over its economic performance in the past 20 months, saying demand was not picking, merchandise exports have fallen for 13 consecutive months and the country was looking at an “economic crisis”.

Congress spokesperson Deepender Hooda said the Sensex was testing the 24,000 mark and was at a lower level compared to its level when Modi took over as prime minister in May 2014.


“At the end of the BJP’s one-third term in office, the nation is looking at a full-blown economic crisis and every day, we get more data that indicates that we are struggling to find the bottom of bad news,” he said.

Hooda said the RBI’s financial stability report points out that demand in the Indian economy was not picking up.

“India is a demand driven economy. Falling demand spells trouble for the overall economy,” he said.

Hooda said there seems to be very little growth in private investment and there were pointers to a slow down in the economy in 2016.

“Exports have been falling for the last 13 months and there is little government intervention. The rupee is close to Rs.68 per dollar, a significant drop since the Modi government came to office,” Hooda said.

He said the Index of Industrial Production (IIP) has contracted by 3.2 percent in November from a year earlier.

“The data clearly indicates that the ‘Make in India’ campaign has remained a slogan,” he said.

Hooda said foreign investors have taken out more than Rs. 25,000 crore from the stock market in the financial year so far.

“FII outflow from the markets in 2016 stands nearly $700 million and is getting worse by the day,” he said.

Hooda asked the government why petrol prices have come down “by just 17 percent when Indian crude basket is down by 73 percent”.

He also asked the government if it had an action plan to check inflation.

Referring to “rural distress”, he said latest data from the Labour Bureau shows that rural wages have registered an average annual growth of 3.8 percent this year, “the lowest since July 2005”.

He also referred to the rural employment guarantee act and said that average days of employment per household and the number of households which completed 100 days of employment had come down under the rule of the National Democratic Alliance government. (IANS)


Popular

wikimedia commons

Children playing ringa ringa roses in an open backyard in England

Great historic events that have shaped the world and changed the outlines of countries are often not recorded in memory, or so we think. Wars made sure to destroy evidence and heritage, and the ones who survived told the tale of what really happened. Folklore, albeit through oral tradition kept alive many such stories, hidden in verse, limericks, and rhymes.

Ringa-ringa-roses, a common playtime rhyme among children across the world, is an example of folklore that has survived for many centuries. It tells the story of the The Great Plague of London which ravaged the city between 1665-1666.

Keep Reading Show less
wikimedia commons

Certain tribes have remained matrilineal, where the decision-making power rests with the eldest female of the family.

In modern times, many social movements aim to bring reform to the society we live in, on the basis of certain existing patterns. Patriarchy is something that many aim to cleanse our cultures of, to usher in the era of social and gender equality. Despite all these so-called movements, in southern India, certain societies that patronise matriarchy have existed since before India's independence. The Nairs and Ezhavas of Kerala, and Bunts and Billavas of Karnataka are matrilineal societies that continue to thrive in a patriarchal country.

Kerala remains separate from the rest of India in many ways. Be it literacy policy, form of government, or cultural practices, this state does not always conform to the ideal that India is known for. Even so with their social structure. Certain tribes have remained matrilineal, where the decision-making power rests with the eldest female of the family.

Keep Reading Show less
Photo by Medhat Dawoud on Unsplash

It is the world's top tech company in turnover (totaling $274.5 billion in 2020) and its most valuable corporation.

Apple inc. Is an American multinational tech firm specialized in consumer electronics, computer programs, and internet services founded by Steve Jobs, Steve Wozniak, and Ronald Wayne in 1976 to manufacture Wozniak's Apple iComputer. It is the world's top tech company in turnover (totaling $274.5 billion in 2020) and its most valuable corporation. Apple is the fourth-largest PC seller by unit sales and the fourth-largest smartphone manufacturer in the world.

Apple has revealed a slew of new products at a special launch event that has been long-awaited. On the day of the live event, Apple announced the iPad mini, Apple Watch Series 7, iPhone 13 mini, and iPhone 13, as well as the iPhone 13 Pro and iPhone 13 Pro Max.

Keep reading... Show less