The Congress on Tuesday accused the government of trying to hide behind World Bank reports to mask the “grim reality” regarding the economy and said Arun Jaitley has proved to be “the worst finance minister in Indias history”.
Reacting to Jaitley’s press conference over India jumping 30 places in World Bank’s Ease of Doing Business rankings, Congress leader Randeep Singh Surjewala said the BJP government was clutching at straws to stay afloat “as it sinks the economy and hurts trade and businesses”.
He said the Narendra Modi government has failed India’s economy by “sheer adhocism and inexperience”.
“The hurriedly convened press conference by the Finance Minister to seek manufactured relevance from the World Bank report was evidence of the actual distance from ground realities and suffering of people of India,” Surjewala said in a statement.
He said the government lives in “a make believe cuckoo world” as it is blinded by the blinkers of “Achhe Din” and was unable to “see, feel, judge or address India’s pain”.
He said private Investment is “in dire straits”, ‘Make in India’ is floundering, exports were plunging, credit growth is at a 63-year old law and inequality is the highest in 100 years. “Crores of job losses in the informal sector have resulted in a ‘Cease of Doing Small Businesses’.
{{/usCountry}}He said private Investment is “in dire straits”, ‘Make in India’ is floundering, exports were plunging, credit growth is at a 63-year old law and inequality is the highest in 100 years. “Crores of job losses in the informal sector have resulted in a ‘Cease of Doing Small Businesses’.
{{/usCountry}}All this is due to Prime Minister Narendra Modi’s “personal adventurism in policy making. The double whammy of demonetisation and GST has wreaked havoc for the economy”.
Surjewala said that ‘Ease of Doing Business’ rankings have not taken into account the “utterly flawed implementation of the GST.”
“The cut-off date for implementing any reforms for the said study was June 1 while the GST was imposed on July 1,” he said, adding that numerous slabs and complex filing requirements has turned GST into a “Gabbar Singh Tax”.
He said inherent flaws in the GST has crippled micro, small and businesses, stunted the economy and has led to insurmountable job losses.
Surjewala said India’s GDP growth rate has fallen for six straight quarters and asked if falling GDP indicate robust ‘Ease of Doing Business?
He said over 3.72 crore jobs have been lost on account of demonetisation in the MSME sector.
“The Prime Minister’s policy adventurism coupled with the adhocism of his Finance Minister to deliver has caused widespread economic misery and distress.
“With great responsibility, we would like to say that Arun Jaitley has proved to be the worst FM in India’s history. Hiding behind World Bank reports will not at alter this grim reality.”