Economic indicators paint concerning picture: Opposition targets govt in RS

Opposition parties on Tuesday targeted the government in Rajya Sabha, saying that while it claims there is economic growth, indicators such as trade deficit, rising inflation and rising unemployment paint a worrying picture.

During a brief discussion on the country's economic situation, members of opposition parties, including Congress, also raised questions about the impact of the plans.

However, the ruling BJP claimed that there has been a turnaround in the economy under its government.

Congresswoman Amee Yajnik raised issues related to landless farmers and MSMEs. Post the Covid pandemic, thousands of MSME units, considered the backbone of the economy, have been closed but the government does not have proper data in this regard, she alleged.

“You are constantly comparing with Germany, Britain, the US and other foreign countries. Have you tried to look internally? You are rationing more than 50 percent of the population, but what about unemployment?” she asked.

Yajnik also raised issues regarding gig workers, saying they do not have any health care or retirement benefits.

The congressman said that “all the data coming in is on foreign direct investment and exports, but you also have to look at what has happened with imports and exports.” “Exports have fallen compared to imports. Where is the manufacturing in India,” she said.

Yajnik said most of the schemes mentioned by the government were started by the (Congress-led) UPA government. The National Manufacturing Policy of 2011 became Make-in-India, she claimed.

“…we cannot succeed by changing the names. You can change the name of all the policies and schemes, but if you cannot perform, you become an NPA (non-performing asset),” she said, adding adding that the state of the economy “is not as it is presented by the ruling dispensation”.

Congress MP Rajeev Shukla also expressed concern over the 'growing' trade deficit and said inflation needs to be controlled as people are facing difficulties.

On economic reforms, he said this should be continued by every government but some experiments have been done in the last decade by reversing some decisions of the previous government (UPA).

He also mentioned some of the promises of the (BJP-led) NDA such as reducing black money, selling petrol and diesel at lower rates and providing housing.

The Congress leader also claimed that a growing number of entrepreneurs are leaving the country and settling on board. “This is worrying. They are going because of excessive regulatory burden or for some other reason. The government should make inquiries,” he said.

Kerala Congress (M) member Jose K Mani said the economic well-being of citizens transcends political affiliation.

“The economic indicators unfortunately paint a worrying picture, while the government claims economic growth. Rising unemployment tells a different story (that) affects the lives of millions of people,” Mani said, adding that farmers and the poor are struggling to survive.

“The gap between the haves and the have-nots has widened as 40 percent of the national wealth lies with one percent of the population,” he said. “This shows that this government is pro-business and pro-industry,” Mani said.

BJP MP GVL Narasimha Rao and independent member Kartikeya Sharma said the country's GDP has grown to $3.5 trillion due to economic initiatives taken by the government.

The average inflation rate is 4.4 percent, which was almost in double digits during the UPA period. Even the RBI had predicted 5.4 per cent, Rao said.