The Congress on Tuesday said the Economic Survey is laced with "excuses of non-performance" as it blames Covid, Russia-Ukrain🅰e war and global slowdown for price rise and India's falling GDP, but offers no s🧸olutions.
Congress president Mallikarjun Kharge sౠaid the government is always making tall claims of achieving 8 per cent or 10 per cent growth but has failed to a🌱chieve it. Hence, it is all "lies", he said.
According to the Economic Survey tabled by Union Finance Minister Nirmala Sitharaman in Parliament earlier on Tuesday, India's economy is projected to slow down to 6-6.8 per cent in the fiscal year starting April as extr🍌aordinary challenges facing the globe will likely hurt exp𒆙orts.
It will, however,🌳 still remain the fastestꦕ growing major economy in the world.
"Whatever they (government) have 🧜said in the Economic Survey or in their budget speeches, more or less they have failed to achieve that. Therefore, it is all lies," Kharge told PTI.
The money of LIC, SBI and other national banks is at risk, he said, adding that fꦯugitives have run away with Rs 13 lakh cror🍌e and the Modi government is claiming to have brought down corruption.
The gov🐬er𝔉nment is claiming to have reduced poverty, but last year's figures show that 23 crore people were pushed below the poverty line, the Congress president claimed.
Congress general secretary Randeep Surjewala said, "The entire Economic S💫urvey is laced with excuses of non-performꦑance."
"No succour to common people, Blame Covid, Blame Ukraine-Russia war for Price Rise, Blame global slowdown to India's falling GDP! Modi Government's Economic Survey ꦆis just𒐪 an excuse script for Tomorrow's Budget," Surjewala said in a series of tweets.
Starting with the pandemic-induced conജtraction of the global output, the Russian-Ukraine conflict last year led to a worldwide surge in inflation. And then, central banks across economies led by the US Federal Reserve responded with synchronised policy rate hikes to curb inflation, the Economic Survey said.
The rate hike by the US Fed drove capital into the US markets causing the US dollar to appreciate against most currencies. This led to the widening of the Current Account Deficits (CAD) and increased inflationary pressures in net importing economies like India, it said🌄.
Surjewala said the four dr🍒ivers of the economy -- consumption, exports, manufacturing and private investment, and capex -- remain largely unaddressed.
"Bluster and lofty words of 'all is well' won't make an 'unwell economy' well. Under Modi government, the GDP Growth was sliding for 8 quarters before COVID hit us," he said, adding that India's first Co🎀vid case was recorded in January 2020 when the GDP growth in 2019-20 was just 3.7 per cent.
Surjewala alleged that despite a change in methodology and the base year by the Modi government, the average gr꧙owth in eight years is just 5.38 per cent, against the UPA's 7.68 per cent, the highest since in♉dependence.
Former finance minister a💖nd Congress leader P Chidambaram said the Economic Survey seems to have been "authored by someone who is navigating 𝓡the journey looking only at the rear view mirror" as it offers no solutions.
"The navigator (CEA) should have looked at the path ahead through the windshie🎀ld and cautioned the driver (FM) on the pitfalls and how to negotiate them," Chi🍌dambaram said on Twitter.
The Econmic Survey lists all the warning signals but does not list theꦯ options available to the government to avert those🅰 dangers, he noted.
"There is insꦡufficient acknowledgement of three stark facts: that world growth and world trade will slow down in 2023-24; that m🌠any advanced economies will go into a recession; and that the global security situation will deteriorate.
"If all three materialise, theও Economic Survey is silent about how to manage the Indian economy. I wish the CEA had stepped outside North Block and taken an objective view of the economic situation," he added.
Congress spokಞeꦰsperson Gourav Vallabh said the sub-6.5 per cent GDP growth rate is the new normal under the Modi government.
He said the Economic Survey of 2022 predicted that the Indian economy would grow at 8-8.5 ☂per cent in 2022-23, but the ac♌tual growth was around 7 per cent.
The Economic Survey of 2023 pegs the GDP growth rate for 2023-24 at 6-6.8 per cent🌊, but the IMF has predicted that the Indian eꦅconomy would grow at 6.1 per cent in 2023.
"So, 6.1 per cent GDP growth is the new normal. At this growth, we will a♕chieve GDP of USD 5 Trillion by 2029. The promise was🔯 for 2024," Vallabh said.
He also said there are no &qu𝓡ot;achhe din" for rupee and the fiscal🎐 deficit will increase.
Sitharaman will on Wednesday present her fifth straight Budge꧅t.
