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Aam Aadmi Party exposes Modi’s mishandling of the Indian Economy

Date 2 March 2017

Aam Aadmi Party exposes Modi’s mishandling of the Indian Economy

 

·         Today, the Aam Aadmi Party launched a blistering attack on Prime Minister Narendra Modi’s monumental failures and gross mismanagement of the economic conditions in India.

·         The feckless BJP government, in another instance of anti-people and pro-industrialists policy measure, has effected an unprecedented hiked the price(s) of LPG Cylinders in India.

·         AAP National Spokesperson Raghav Chadha remarked: “ Now when Modi ji mentions the word LPG, instead of assuming that LPG stands for Liquified Petroleum Gas, the citizens of this country will assume LPG to stand for: Loot, Plunder and Grab”.

·         The BJP government in another instance of hiding the facts and lying to public has not decreased petrol prices in the country despite the international crude oil prices being at a record low.

·         The Government of India has announced that any person who has a bank account can only process 4 transactions per month, and from the 5th transaction onwards, the bank will levy a charge of Rs. 150 on every ensuing transaction. This is not only a scheme with pernicious intent but is also disastrous for the economy.

·         The BJP government in releasing the GDP data for the October-December quarter of the fiscal year 2016-2017 has indulged in data fudging to portray a beautiful image of an economy that is in shambles due to the inept schemes of the Modi Government.

·         Senior AAP leader and Spokesperson Sanjay Singh, remarked that the BJP is a progeny of the RSS and the RzSS is an organization whose foundation stone is built upon the castle of lies.

 

Today, the Aam Aadmi Party launched a blistering attack on Prime Minister Narendra Modi’s monumental failures and gross mismanagement of the economic conditions in India, since the BJP came to power in the centre in 2014.

First, the feckless BJP government, in another instance of anti-people and pro-industrialists policy measure, has effected an unprecedented hiked the price(s) of LPG Cylinders in India. Liquified Petroleum Gas (LPG) cylinders will cost Rs 86 more with effect from today. This price hike is the steepest cost escalation of cooking gas cylinders in India’s history and is going to hurt the pockets of the economically weak citizens. The BJP has increased the prices of the non-subsidized LPG Cylinder by almost 58% in the past 6 months. To add insult to injury, the prices of the 5kg LPG cylinder, used by the poorest of the poor, has been increased by Rs. 30.50 - which just goes to further underscore the stridently anti-poor and insipid polices that the Modi Government has enacted.  This hike in LPG prices has also exposed the hollowness at the core of Prime Minister Modi’s ardent and relentless appeal, to the citizens of India, to give up LPG subsidy, voluntarily, under the Government of India’s flagship “Give It Up” program. AAP National Spokesperson, Raghav Chadha remarked: “ Now when Modi ji mentions the word LPG, instead of assuming that LPG stands for Liquified Petroleum Gas, the citizens of this country will assume LPG to stand for: Loot, Plunder and Grab”.

Second, the BJP government in another instance of hiding the facts and lying to public has not decreased petrol prices in the country despite the international crude oil prices being at a record low. An RTI query, on 7th December 2016, exposed that: in 2013, during the regime of the corrupt UPA government, the per barrel cost of crude oil, internationally, was $102 and the price of petrol in India was Rs. 53 per litre. Subsequently, a decision was taken to deregularize the market of petrol and it would be the case that the market prices and forces would decide the petrol price in India. In 2016, the per barrel cost of crude oil was at a record low of $43, however the Modi Government instead of decreasing the price of petrol, increased it to Rs. 56 per litre. Even though from 2013 to 2016, there has been a reduction of over 50% in the price of a crude oil barrel, the subsequent benefits accrued by the BJP government were not passed on to the citizens of India.

Third, Prime Minister Narendra Modi, in an address to the nation on 8thNovember 2016, announced the demonetization scheme that was touted to be a big and bold attack on the scourge of black money in India. 100 days on, not only has the implementation of the scheme been inefficacious and left a bitter taste in mouth and has disrupted the lives of the common citizens, but the desultory rationale behind the scheme has also been called out by eminent economists like Nobel Prize Winner - Dr. Amartya Sen and Harvard Professor - Dr. Lawrence Summers. To add to this tragic farce, the Government of India has announced that any person who has a bank account can only process 4 transactions per month, and from the 5th transaction onwards, the bank will levy a charge of Rs. 150 on every ensuing transaction. This is not only a scheme with pernicious intent but is also disastrous for the economy. AAP demands an unequivocal rollback of this scheme.

Fourth, in another instance of living up to the adage of: “There are three kinds of lies: lies, damned lies, and statistics"the BJP government in releasing the GDP data for the October-December quarter of the fiscal year 2016-2017 has indulged in data fudging to portray a beautiful image of an economy that is in shambles due to the inept schemes of the Modi Government. In 2015, when the BJP Government changed the methodology to calculate India’s GDP; multiple eminent economists like Arvind Subramanium and RaghuramRajan, among others had cast aspersions on the efficacy and correctness of the new methodology. The recent data released by the Central Statistical Organization (CSO) shows that the GDP growth during the Oct-Dec (2016) quarter was 7% and above. These Q3 estimates raise eyebrows as CSO revised up Q1 and Q2 estimates of 2015-16.“The steep downward revision of Q3 of 2015-16 has in turn led to higher growth in Q3 2016-17, thus masking the impact of demonetization in the Q3 figures,” said SoumyaKanti Ghosh, chief economic adviser at the State Bank of India.“The numbers seems too good to be true,” he opined. Summarily, this GDP data which portrays a robust image of the economy is in fact a statistical illusion to fool the people of this country. The Modi Government is afraid to accept that demonetization has hurt the country’s economy badly and has not solved its main motive of curbing the flow of black money in the system.

Senior AAP senior leader and Spokesperson, Sanjay Singh, remarked that the BJP is a progeny of the RSS and the RSS is an organization whose foundation stone is built upon the castle of lies. RSS did not partake in India’s independence movement in 1947 and also refused to respect the national flag. Both the BJP and the RSS, nowadays, raise the false and hollow scepter of nationalism vs anti-nationalism to provide cover to their nefarious activities and the resultant damage that has been inflicted by them on this nation’s economy and its citizens in the past 3 years. Even in the case of “raising anti-national slogans within the precincts of the JNU campus last year”, the Delhi Police has recently filed a report stating that KanhaiyaKumar should be absolved of all charges and is innocent. An investigation ordered by the Delhi Government last year had reached the same conclusion, but the Central Government has refused to pay heed to the report.

 

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