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‘Congress had Manmohon, BJP has Mohon Bhagwat as economists’, Congress hits BJP on nationwide slowdown
TIWN Oct 9, 2019
‘Congress had Manmohon, BJP has Mohon Bhagwat as economists’, Congress hits BJP on nationwide slowdown

NEW DELHI, Oct 9 (TIWN): Hitting the BJP Govt on its “cluelessness” status over downed economic state of the country and RSS Chief Mohan Bhagwat’s statement over economy, Congress said on Wednesday that it’s unfortunate that Congress has its economist named Manmohon (former PM) and BJP has its Mahan Bhagwat now.

Congress spokesperson Pawan Kher slammed RSS chief Mohan Bhagwat over his claims that there was no economic slowdown in the country. "Mandir is now replaced by Mandi", he said.

He also accused the BJP and the RSS of trying to divert people's attention to evade the "real issue" of economic slowdown with other irrelevant issues.

Addressing a press conference, newly appointed spokesperson Supriya Shrinate said RBI's data clearly showed that commercial credit declined by around 88%.

Between April 2019 and September 2019, said Ms. Shrinate, credit has collapsed indicating a stalling of economic activity.

The Congress spokesperson also raised questions over the growth rate of 5%, saying the question is "how are we growing without this credit".  "We would want the data to be mulled upon. We need to understand it. In the last one year, fund flow to the commercial sector is down by 88%, according to a new RBI data. Last year, this figure was at Rs 7.36 lakh crore now it is around Rs 91,000 crore,"she said.  

"This is happening despite RBI cutting repo rates. Repo rate is down by 1.35% from January to now. Despite that people are not taking credit because they're not convinced that they can do economic activity with this credit because people are insecure about their jobs,"Ms. Shrinate added.  ‘Need bold reforms’ Arguing that the government's piecemeal approach won't work, the Congress leader urged a comprehensive approach. 

"The RBI conducted a consumer confidence survey, it is at a 6-year low in September. People's faith in the Indian economy plummeted to a 6-year low in the month of September and over 50% of the people are convinced that jobs will no longer be created," she said.

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