HYDERABAD: Stating that no amount of spin and sophistry would conceal “NPA government’s Jhumlanomics”, TRS working president KT Rama Rao on Thursday said that lack of foresight, inability to predict adversities, ill-conceived policy interventions, crony capitalism favouring a few big corporate houses seem to be the hallmark of the BJP-led Union government.
“To divert attention from the pressing day-to-day issues, the Modi regime is resorting to divide and rule tactics and is unleashing Central agencies on people and parties that question their policies”, Rama Rao said in a statement on Thursday. He said that it was very disappointing to listen to what the Union Finance Minister Nirmala Sitharaman said on the state of India’s Economy responding to a debate in Parliament.
“The FM’s statements are a crude joke on millions of Indians who are suffering daily due to the mismanagement of the economy by the NPA (Non-Performing Alliance) government. Her words about inflation and its impact on the common man are completely devoid of truth,” Rama Rao said. The Union Finance Minister’s claim that GST collection has increased indicates the indifference of the Modi regime towards the suffering of the people, he said.
“The fact is that failed economic policies (such as demonetisation) of the NPA government have resulted in disastrous consequences for India,” Rama Rao alleged. Demonetisation was hailed by Modi as a magic bullet to cure several ills that ail our economy. But six years after that decision, the results show it was an utter failure that bled our economy, the TRS working president said.
RBI spent a whopping Rs 8,000 crore only to print new currency. While the Modi government bluffed that Rs 3-Rs 4 lakh crore of black money would be wiped out, almost 100 per cent of the demonetised currency came back to RBI, Rama Rao pointed out.
He said that the cash in circulation rose from Rs 18 lakh crore in November 2016 to Rs 31 lakh crore in March 2022 - a whopping 68 per cent increase when compared to the pre-demonetisation era, Rama Rao said.