Country facing financial emergency-like situation: Congress

Congress spokesperson Abhishek Singhvi accused the BJP of diverting the people's attention from its failures.

Published: 18th August 2019 07:27 PM  |   Last Updated: 18th August 2019 07:27 PM   |  A+A-

Congress leader Abhishek Singhvi. (File| ANI)

Congress leader Abhishek Singhvi (File| ANI)

By PTI

NEW DELHI: The Congress on Sunday expressed concern over what it called the "slowdown" of economy and said the country is facing a situation like that of a "financial emergency".

Congress spokesperson Abhishek Singhvi accused the BJP of diverting the people's attention from its failures.

Expressing concern over the economic slowdown, Singhvi said the situation is like that of a "financial emergency".

ALSO READ: Economic slowdown hits auto sector hard, mega job losses reported

He raised the issue of slowdown in the automobile sector.

The trend of the slowdown in the automobile industry did not come all of a sudden.

The 31 per cent fall in sales is also the ninth straight drop in monthly passenger vehicle sales, Singhvi said.

"Sales have fallen in 12 out of 13 months since July 2018, underscoring the sharp slowdown in the world's fourth-largest automobile market," Singhvi said at a press conference.

ALSO READ: Key to restart auto sector

He also raised the issues of crashing stock exchange and rising fiscal deficit.

The other issues he raised are falling GDP figures, shrinking labour force, recession in the real estate sector, continuous weakening of the rupee, and falling foreign direct investment and foreign portfolio investment.

Criticising the Narendra Modi government, he said, "Ironically, if one looks at between Modi 1 (government) beginning and Modi 2, he or she shall figure that has been a regression in progress."

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp