Congress attacks PM Modi on high inflation and lowering GDP growth

New Delhi, 18 July 2018 [Fik/News Sources]: Latching on the International Monetary Fund (IMF) forecast on India’s GDP cut, opposition Congress Tuesday attacked the Prime Minister Narendra Modi saying he is busy in ‘Dividing People’ instead of doing something to improve the economy. The party also said the rising prices are burning holes in the pockets of the common man as well as Household Savings dropped by almost one third.

Reacting to the latest inflation data, Randeep Singh Surjewala, In-Charge, Communication Department said the PM Modi promised ‘Achhe Din’ for the people of India but in the last 4 years- people of India have only witnessed – ‘Price Rise’, ‘Rampant Unemployment’, ‘Reduction in their Savings’, ‘Low Growth’, ‘Economy in turmoil’ and ‘Rising Cost of Living’”

He said the latest official data reveals that Wholesale Inflation at 5.77% in June is highest since December 2013 while the Retail Inflation is also a 5 month high.

Rising Price of essential commodities has driven gaping holes in the pockets of Common People. Fuel Prices are spiraling like never before and cost of food products, fruits and vegetables are skyrocketing, he added.

Congress leader attacked the PM saying “inflation is burning holes in the pockets of the middle class but the Modi Govt is busy diverting the attention of the nation with its ‘Politics of Division’.

He said the fire of Price Rise ‘lit’ by Modi and the ‘precarious’ economic situation has led to the reduction of Household Savings to a 20 Year Low. Household Savings in India has dropped by almost one third from 23.6% of GDP in FY12 to 16.2% in FY17.

On IMF’s lowering of India’s GDP growth by 10 basis points in the year 2018, Surjewala said many experts have concluded that given the inflationary risks building up due to higher fuel prices and weaker Rupee and the Modi Govt’s lackluster approach of reforms have led to this downgrade.

However, PM Modi and his ministers are busy indulging in ‘Politics of Division’- 4 Years have already shown that they lack any ‘Vision’, he added.