Subramanian Swamy Hits Out at Narendra Modi Govt as GDP Numbers Plunge, Says 'Get Ready to Say Good-Bye to $5-Trillion Economy'
A day after reports of plunging Gross Domestic Product (GDP) growth rate arrived -- which slipped to 5 (five) percent in the quarter ended July 30 -- senior BJP Rajya Sabha MP Subramanian Swamy stated that country’s target of becoming a 5 trillion economy may remain elusive in the absence of a new economic policy.
New Delhi, August 31: A day after reports of plunging Gross Domestic Product (GDP) growth rate arrived -- which slipped to 5 (five) percent in the quarter ended July 30 -- senior Bharatiya Janata Party Rajya Sabha MP Subramanian Swamy stated that country’s target of becoming a 5 trillion dollar economy might remain elusive in the absence of a new economic policy. The government data announced that GDP data slumped to a six-year low of 5 per cent.
Known for not mincing his words, Swamy hit back at the ruling dispensation stating that the Union government neither has the boldness nor knowledge for a new economic policy. Expressing his opinion on the financial condition of the country, Swamy said that to improve the Indian economy, we need both pieces of knowledge for a new economic policy soon. GDP Growth Slips to 5% in April-June Quarter, Down From 5.8% in Q4 of Last Financial Year
He wrote on Twitter:
Though in June, Prime Minister Narendra Modi mentioned his government's approach to make India a 5 trillion dollar economy by 2024, he was aware that reaching the target would not be easy. Modi has stated that the target can be achievable with the concerted efforts of states. Nirmala Sitharaman Announces Bank Recap Plan After Meeting PSU Chiefs: Key Highlights
Since the foreign portfolio investments are at an all-time low and auto sector struggling to keep pace with the economy, job cuts are looming large. Core industries have witnessed a slowdown due to weak consumer demand, and lack of investments are adding more woes to the pain. Nirmala Sitharaman Announces Measures to Boost Indian Economy Amid Slowdown, Rolls Back Surcharge on FPIs, Removes Angel Tax on Start-Ups; Check Full List of Announcements
With issues blowing out of proportion, Union Finance Miniter Nirmala Sithraman announced a series of measures to revive the economy. On Friday, she announced e mega bank merger of 10 public service undertaking banks into four entities contain the economic slump. Also, last week she removed the additional FPI surcharge and announced an upfront release of Rs 70,000 crore, additional lending and liquidity to the tune of Rs 5 lakh crore by providing upfront Capital to PSBs.
(The above story first appeared on LatestLY on Aug 31, 2019 01:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).