New Delhi: Just a day before the Economic Survey, the Congress fielded its top guns, former Prime Minister Dr. Manmohan Singh and former finance minister P. Chidambaram, to release an alternative economic survey document titled “State of the Economy.” The thrust of the Congress attack was the slowdown of the economy and the lack of jobs. The BJP was quick to hit back by fielding senior ministers to counter the attack.
Leading the charge, Dr Singh said “Indian economy is not in a good shape and it is now obvious. The IMF has projected that the growth rate of India this current fiscal year will not be 7.6% but 6.6%. Several other agencies have made similar projections.” The Congress says that the 78 page report prepared by the research cell outlines was based on through research and analysis of prominent economic bodies as well as economists.
Mr Chidambaram said that the “ BJP government will present an exaggerated version of the economy and that the Congress’s report was closer to the reality.” He also added “The BJP is hiding behind a GDP number which is being challenged. People aren’t dazzled by it. But they are asking where are the jobs? Where is the new capital investment? Where is credit growth? There are no jobs, capital formation is declining, credit growth is the lowest in several decades.” The Congress wants to start a new trend by releasing its own analysis of the economy before the economic survey. It has also asked the government to come clean on the numbers and not resort to obfuscation.
The BJP was quick to hit back. Information and broadcasting minister M. Venkaiha Naidu said that “no certification” was required from the two leaders of the Congress. He even dubbed them “failed economists who ruined the economy.” He also rejected their criticism of economy and accused them of trying to give a wrong message to investors.
Commerce minister Nirmala Sitharaman also hit out at the Congress and said “The document released is not based on hard data, instead it is based on their own wishlist.”
The BJP also alleged that one a day when serious issues on letters of Vijay Mallya to the then Prime Minister Dr. Manmohan Singh were raised the Congress was releasing this document. The Commerce Minister further added “ the Congress should answer how they allowed Mallya to obtain that kind of loan.”
