Tamil Nadu Congress Committee president K.S. Alagiri on Monday said Narendra Modi had nothing to celebrate, 100 days into his second term as Prime Minister, as the economy was in the doldrums and the country was facing the highest rate of unemployment in 45 years.
In a statement, Mr. Alagiri said foreign investors were pulling money out of the stock markets at an unprecedented rate, the stock markets had been falling and the value of the Indian rupee had declined by 99 paise in just one year. “The Central government has also reduced its overall spending from 14% to 12%. The government has received a massive ₹1.76 lakh crore from the RBI — something that has no precedent,” he said.
He questioned the rationale behind the merger of Public Sector Banks, and said the measure was being taken due to the losses suffered by them on account of bad loans, which have touched ₹8.8 lakh crore. “In 2017, the losses suffered by the banks due to fraud was ₹41,167 crore. It has increased to ₹71,452 crore. Who is responsible for this? Who will take responsibility?” Mr. Alagiri asked.
The Congress leader said the government had not taken any steps to implement the recommendations of the M.S. Swaminathan Committee on fair prices for farm produce.
“Narendra Modi knows to talk well. It is only because of this that he is able to hide ‘a full pumpkin in rice’ and is listing out achievements instead of the many sufferings being endured by the people. Modi has announced an achievements list, but the people are listing out their sufferings,” the TNCC president said.
Criticising Mr. Modi and Finance Minister Nirmala Sitharaman for “pushing the economy to the brink”, he said the BJP will not succeed in hiding its “massive failures”.