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‘Modinomics’ Has ‘Completely Ruined’ India’s Economic Indices: Congress

Singh said that Modi's promise of bringing back black money is yet another 'jumla'.

New Delhi, Jun 29 (PTI) The Congress today targeted Prime Minister Narendra Modi after the rupee fell to its lowest-ever level and deposits by Indians in Swiss banks surged, saying Modinomics’ has “completely ruined” India’s economic indices.

Congress spokesperson R P N Singh asked the prime minister the same set of questions he had posed to the UPA government in 2013 ahead of the last general elections on black money and the value of the rupee against the US dollar.

He also released a 2013 video of Modi, who was then the BJP’s chief campaigner and was the Gujarat chief minister, asking a set of questions to the UPA.

Modi had asked whether it was the “corrupt” policies of the Congress-led government that had brought down the value of the rupee.

“Will Prime Minister Narendra Modi answer the same question that he asked from our government when he is in power now. It is now under the Modi government that the Indian rupee has collapsed to an all-time low against the dollar. The rupee is among the worst-performing currencies in the world now,” he told reporters.

He said the people of the country are now asking him the same set of questions he had posed to the UPA before assuming power.

Singh also sought to know what steps the prime minister had taken to prevent the rupee from falling and bring black money stashed abroad back into the country.

The Congress leader alleged that Modi, ahead of the 2014 elections, used to claim that the value of the rupee would be brought down to Rs 40, but the same breached the 69-mark against the US dollar yesterday, which never happened in the last 70 years of independence.

Singh said that Modi’s promise of bringing back black money from abroad has turned out to be yet another ‘jumla’ as just the opposite has happened.

“Are these the ‘achche din’ as promised by the prime minister? Leave aside the ‘achche din’, the Congress would like to bring in “sachche din’,” he said.

The Congress leader claimed as per reports, deposits of Indians in Swiss banks has risen by 50 per cent in the last one year to Rs 70,000 crore, the highest-ever after a 54 per cent-surge was recorded in 2004 when the BJP was in power.

“The BJP promised to reverse the policy paralysis’ and make India’s economy strong’ and the BJP manifesto mentioned banking reforms, but the reality is Modi ji and the BJP should tell why the GDP fell steeply to 6.7% in 2017-18 despite changing the GDP calculation methodology,” he said.

“Some Indians like Nirav Modi and Vijay Mallya have fled the country after taking away money of the poor. The non-performing assets (NPAs) in banks under the NDA rule in the last four years has crossed Rs 10 lakh crore and going by the RBI estimates, this can cross Rs 15 lakh crore in the next two years.

“There has been a seven-time reduction in the money deposited in savings bank accounts and this shows the people are losing trust in banks under the NDA rule. We want to ask the prime minister why he does not answer the questions he asked the UPA when he was out of power,” he said.

The Congress spokesman said ‘Modinomics’ has “completely ruined” India’s economic indices. Banks are bleeding as the NPA are rising, he claimed.

“Bank loot scams are unravelling daily and scamsters are fleeing the country. Foreign investors are withdrawing money from India and the GDP is at an four-year low.

“Price rise has punched holes in the pockets of the common people. Exports are plunging. Investment is down. Joblessness is rising. Hardly any jobs are being created. We do not know who officially is India’s the finance minister. But the Modi government is snoozing at the wheels,” he alleged.

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