Describing the handling of the economy as the most “colossal failure” of the Modi government, the Congress on Sunday said the economy was in the hands of “ignorant and incompetent policy-makers,” who had derailed growth through reckless policies.
The party said India could go back to a path of an all- inclusive high-growth trajectory only if the country was rescued from “incompetent economic managers.”
Moving the resolution on the economic situation in India at the party’s 84th plenary session, former Finance Minister P. Chidambaram said only the Congress could provide a way out of the current crisis as it had done before. “Last four years were a bad dream. We will come back with friends and allies. We can do it,” he said.
‘Replete with mistakes’
The Congress said the government was replete with governance and management misadventures and mistakes.
“The Modi government was presented with a golden opportunity to catapult India’s economic growth to a new high through a near perfect alignment of stars — an upswing in the economy, macro-economic stability after the upheaval of the 2008 global financial crisis, low oil prices (from over $100 to under $40 per barrel), robust global economic growth and an absolute majority in the Lok Sabha. Sadly, the government has squandered a golden opportunity,” noted a resolution.
“The economy is in the hands of ignorant and incompetent policy-makers who have derailed economic growth through reckless and bizarre policies such as demonetisation and a hasty imposition of a flawed GST regime,” it added.
The Congress said poor economic management resulted in the lack of jobs and stagnant farm incomes.
It said the Centre’s handling of the economy had led to the collapse of the manufacturing sector and destruction of micro, small and medium enterprises, paralysed India’s banking sector, dented business confidence and rising inflation. The former Finance Minister said the economy would go into deeper crisis as the Modi government’s Budget had not provided any answers.
“This Budget is the handiwork of a government which is completely helpless, clueless and directionless. I am afraid, 12 months from today, whoever comes into the government, will face a major crisis,” he said.
The Congress said only sustained economic growth can lead India to becoming an “middle-income developed country,” and enlisted five big major thrust areas to revive the economy
The resolution said the party would strive to create a conducive social atmosphere and right policies, like doing away with “overbearing regulations and tax terrorism” and encourage investment. It will push for large scale investment in education, .healthcare and social safety nets, keeping in focus the aspirations of the poor and the middle class.
“The one party which can bring this country out of crisis is the Congress. Why do I say that? I say that not out of arrogance, not out of conceit. I say this because we have done it before and we can do it again beginning next year,” said Mr. Chidambaram
