Congress leader Rahul Gandhi on Thursday slammed the Central government over the state of India’s economy and said that Prime Minister Narendra Modi’s actions have turned the country’s strength into its weakness.
“India has entered into recession for the first time in history,” the Congress leader tweeted. “Mr Modi’s actions have turned India’s strength into its weakness,” he added.
The Congress leader also attached a newspaper report on the economic issues being faced by the country. Over the past few months, the Congress leader has been targeting the Centre on various issues, including the handling of the coronavirus crisis, economic conditions in the country and unemployment, among others and alleged that the government was not doing enough to resolve these issues.
Union Finance Minister Nirmala Sitharaman on Thursday said that the Reserve Bank of India (RBI) has predicted a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21.
“RBI predicts a strong likelihood of the Indian economy returning to positive growth in Q3:2020-21, ahead by a quarter of the earlier forecast,” Sitharaman said at a press conference.
“There has been very good progress on ‘One Nation-One Ration Card’ in 28 states and Union territories covering 68.6 crore beneficiaries. On Interstate Portability, 28 states and UTs have been brought under the national portability of ration cards with effect from September 1, 2020. Now covers 68.6 crore beneficiaries who now have an option to lift their food grains from any FPS of choice in any of these 28 states and UTs,” the Finance Minister said.
“Labour Ministry, with the Finance Ministry and other concerned ministries, are working together closely with the States, and the work has commenced on creating a portal for migrant workers,” she added.
“Rs 25,000 crores has been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD. Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores has been distributed to farmers,” she said.
The Finance Minister said, “Rs 7,227 crores disbursed under the Special Liquidity Scheme for NBFCs/HFC.” While Minister of State (MoS) Anurag Thakur said, “Markets are on a record-high and India’s foreign exchange reserves are at $560 bn. India has made a strong comeback economically. RBI has said that India will do better in Q4. So the mood in the country, as well as Moody’s rating for India, has improved.”