Terming the BJP led NDA government as non performing asset (NPA) for the country, former union minister and Nationalist Congress Party chief Sharad Pawar on Wednesday said the government instead of admitting economic slowdown and taking strong measures to tackle, it was engaged in jumlebazi and treating the slowdown as a temporary sign. The government was distracting the people from core issues.
Pawar led a scathing attack on the NDA government said the recession is the impact of the concentration of political power in two hands the concentration of wealth in few hands. ‘’UPA government had successfully revived economy when the economic recession hit the global economy. NDA government should take a lesson from former prime minister and renowned economist Dr Manmohan Singh, else people of India will teach them lesson,’’ he said.
Pawar said the demonetisation brought Indian economy to a complete standstill. The growth of Indian economy slowed down from 9.1% to 5.7% in less than one year. Demonetisation and poorly executed GST roll out gave a heavy jolt to Indian economy sending jarring shock waves through every sector. Pawar, who will soon write letter to Prime Minister Nrendra Modi and finance minister Nirmala Sitharaman seeking urgent steps to effectively tackle the slowdown, said the GDP growth in first quarter of 2019-20 is expected to dip to5.6%. With this reverse trend achieving $5 trillion economy by 2024 will be an impossible task.
According to Pawar, there has been a decline in core industries. ‘’One of the major cause of recession is the rural distress. NDA government is the most anti farmer government and the agrarian crisis are largely attributed to government’s complete apathy towards farming community,’’ he noted.
The automobile sector, which is the world’s 4th largest sector, is passing through a major crisis. The industry has lost over 3 lakh jobs.
MSME sector is bearing brunt of slowdown while the powerloom sector is also not an exception as the slowdown has resulted in one million losing their jobs.
Public sector banks are starved of funds and crying for funds and there is an urgent need for infusion of huge funds.