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Sword hanging on livelihood of lakhs of Indians: Priyanka Gandhi on state of economy

Priyanka Gandhi has launched a scathing attack on the Modi government vis-a-vis economic slowdown. "The economy is falling into a deep abyss of recession. The sword is hanging on the livelihood of lakhs of Indians," Priyanka Gandhi said.

India TV News Desk India TV News Desk
New Delhi Updated on: September 10, 2019 13:57 IST
Representative News Image
Image Source : AP PHOTO

Priyanka Gandhi has hit out at Modi government for the economic slowdown. India's GDP was at its lowest at 5% in Aprile-June Quarter. 

Hitting out at the Centre over the decline in GDP, Congress general secretary Priyanka Gandhi Vadra on Tuesday said the economy is falling into a "deep abyss" of recession and asked when will the dispensation "open its eyes".

Priyanka Gandhi's scathing attack comes amid the Opposition's criticism of the government after growth in the last quarter slipped to 5 per cent.

"The economy is falling into a deep abyss of recession. The sword is hanging on the livelihood of lakhs of Indians," Priyanka Gandhi said in a tweet in Hindi. The decline in the auto sector and the truck sector is a sign of negative growth in production-transportation and the declining confidence of the market, she said.

When will the government open its eyes, the Congress general secretary asked.

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The Congress leader has been targeting the government over its handling of the economy and had on September 2 accused it of managing the nation through "headline management" rather than finding a concrete solution to treat slowdown.

Meanwhile, India's Q1 GDP growth has fallen to 5 per cent, slowest in six years. Growth is down compared to the 5.8 per cent recorded in Q4 FY19 and the 8 per cent that the Indian economy hit one year ago in Q1 FY19. 

On Monday, Industry body SIAM revealed that monthly passenger vehicle and car sales recorded their steepest fall ever in August, highlighting the continued slowdown in the sector amid assurances by the government for revival. 

Continued selling of domestic equities by foreign investors remain a drag on the rupee though on Monday, the Indian currency strengthened to as much as 71.50 against the US dollar (USD), but later pared gains to end marginally higher. Opening at 71.67 a dollar, the rupee traded in the range of 71.50 to 71 .73 against the US dollar, as compared to its previous close of 71.72. 

The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as par the government data.

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