Mismanagement of economy by Modi govt continues, vast majority of Indians suffering: Cong
Congress expressed concern on Wednesday over the economic trends that have come out of a recent RBI bulletin and alleged that the economy has been mismanaged by the BJP-led Centre due to which a vast majority of Indians are suffering. The opposition party also expressed serious concern over the inflationary trends that have remained above the Reserve Bank of India's (RBI) threshold level of 4 per cent.
Congress general secretary Jairam Ramesh said the RBI bulletin of October 2023 shows extremely concerning economic trends and demonstrates the Narendra Modi government's continuing mismanagement of the country's economy.
Ramesh recalled that in the September bulletin, a range of negative indicators were revealed, including a 47-year low in the savings growth rate, a stagnation of domestic credit to the private sector and a flat labour-force participation rate.
«These trends either remain or have worsened: A major reason for the low net savings growth is that there was a huge spike in household liabilities. Despite the finance ministry's misleading claim that this spike is due to home and vehicle loans, the September bulletin had clearly shown there was a 23 per cent spike in gold loans and a 29 per cent spike in personal loans.
»The October RBI bulletin confirms this fact — personal loans were the single largest contributor to bank credit growth in August 2023, and grew at a massive 23 per cent, while gold loans grew at 22 per cent," the former Union minister said in a statement.
«Each month's RBI bulletin should serve as a reminder to the Modi government that as much as it tries to hide data and mislead the public, the basic facts do not lie — the economy has been completely mismanaged and the vast majority of
