Congress urges government to declare financial emergency

Accusing the government of being in a celebratory and campaign mode, the Congress on Friday slammed the government over the shrinking economy and and asked it to declare a financial emergency in the country.

Addressing a press conference at the party headquarters here, Congress spokesperson Jaiveer Shergill said: "On June 4, 2019, Congress requested the government to use the huge mandate for the betterment of the economy. However, the BJP paid no heed to the request.

"And today, falling trade, the sinking and helpless economy is the truth of this country," he said.

The Congress leader said that businesses are shutting down, the economy is helpless, unemployment is rising but the BJP is in "deep slumber" like Kumbhkaran, brother of Ravan in Ramayana.

Slamming the government, Shergill said: "The BJP is still in campaign mode and celebration mode, they are not in working mode. They should come out of campaign mode and start on a corrective mode to save this sinking economy."

"The government should immediately declare a financial emergency, issue a white paper on the economy and abide by the order of the Chief Information Commissioner (CIC) to release the names of the wilful defaulters and NPAs (non-performing assets or bad loans)," he demanded.

He said the Reserve Bank of India (RBI) has red flagged the fact that the economy is sinking, that savings are shrinking, businesses are closing and jobs are disappearing.

"That's the sad state of the Indian economy but the BJP is refusing to acknowledge that," he said.

The Congress pointed out that, in the last five years, bank frauds have increased by 74 per cent and the GDP is at a five-year low.

He said industries like Parle G and automobile industries are dissolving like a biscuit in a teacup, "jobs are evaporating faster than acetone", but BJP is oblivious to the fatal crash that the country is headed towards.

Targeting BJP leaders for their views on the economy, Shergill said: "Home Minister Amit Shah said the Indian economy is fast-growing at 7 per cent. Finance Minister Nirmala Sitharaman has declared that Indian economy is growing as fast as the US and China. The BJP is busy in window dressing rather than addressing the grave economic crisis facing the country."

"BJP is depicting an anti-national behaviour by refusing to address the deepening, worsening economic crisis of the country. And the BJP government is busy attacking the opposition rather than curing the economy," he said.

Finance Minister Nirmala "Sitharaman said that the economy was bad during the UPA's tenure. Who are they to question us?" he asked.

"As a responsible opposition, we want to urge that the BJP to direct their anger, their frustration not at the Congress, but towards curing the economy. (BJP Working President J.P) Nadda and Sithraman are busy labelling Congress as a failed government rather than looking themselves. They forget that how former Prime Minister Manmohan Singh treated the economy like a doctor, while Prime Minister Narendra Modi is treating economy like a circus," he added.

( With inputs from IANS )