Modi government dismantled India's economy: Congress

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SME Times News Bureau | 18 May, 2019
The Congress on Friday said that the Modi government will be shown the "exit door" by the people of India on account of an atmosphere of "fear, despair, division and economic devastation" and alleged that it had "dismantled" India's economy in five years.

Congress leader Randeep Singh Surjewala said that the year-on-year growth of national income has plunged from 14 per cent in 2005-06 to 11.6 per cent in 2018-19.

He said that the per capita income increased during the UPA government by a whopping 233 per cent (2004-14) and it has slowed down to 40.5 per cent during the Modi government.

"The average GDP growth during UPA years was 8.1 per cent and has fallen to 7 per cent in last five years. The average agriculture growth rate during UPA was 4.2 per cent and has fallen to just 2.9 per cent. The average industrial growth rate during UPA was 8.55 per cent during UPA government and has fallen to just 4.45 per cent now," he said.

Surjewala said that the average manufacturing growth rate during Congress-led UPA was 3.5 per cent and it has now fallen to 1.8 per cent.

The unemployment rate, he said, has climbed to an unprecedented 45-year high from 2.2 per cent (2011-12 as per NSSO) to 6.1 per cent.

He said the percentage increase in exports has come down, year-on-year average wage rate growth has fallen and average electricity consumption has dropped.

The Congress leader said there has been a fall in average cement and steel production growth besides growth in mining activity and tourism.

Surjewala said growth in bank credit, FDI, rail and road freight movement, production of motor vehicles, sales growth of textiles, gems and jewellery, leather, and rubber had fallen.

"The average growth of stock market during UPA was 15.5 per cent and has now fallen
to just 7.7 per cent," he said.

Surjewala said that the task before the next government is to reinvent "the wheel of India's prosperity and social cohesion,"