Shri Narendra Modi lambasts UPA over the prevailing economic crisis in the country.
UPA rejection of S&P report is not surprising: Shri Modi
Division of role between Congress President and PM has only weakened policy framework, caused political vacuum: Shri Modi
UPA is a toxic combination of poor economic decisions, lack of reforms & political roadblocks pushing India to the brink: Shri ModiGujarat Chief Minister took direct potshots against the Congress-led UPA for its complacency in the wake of the present economic crisis that is plaguing the country. On social media site Twitter Shri Modi shared his views on the recent report by international ratings agency Standard &Poor that brings out an extremely dark scenario of the Indian economy due to lapses in policy making and a lack of political will.
Shri Modi tweeted, “UPA's outright rejection of S&P's blunt assessment of India's economic reality does not really come as a surprise.” Commenting on the combination of Prime Minister Dr. Manmohan Singh and UPA chairperson Mrs. Sonia Gandhi, Shri Modi tweeted, “S&P says division of roles between “powerful” Cong president & “appointed” PM has weakened policy making framework & caused political vacuum.”
The Chief Minister attributed to the prevailing economic atmosphere to an unhealthy mixture that included absence of planning and a weak political will. “Congress-led UPA's toxic combination of poor economic decisions, lack of reforms & political roadblocks is pushing India to the brink” Shri Modi also tweeted.
With the GDP at a low and unsatisfactory monsoon so far, Shri Modi expressed apprehensions on what the future holds. He tweeted, “UPA Govt. has given a 9-yr low GDP growth in a quarter. With monsoons deficient till now, where are we heading towards as a nation?”
The report by S&P is a follow up to its April outlook revision and it states that India’s emerging out of its current financial crisis depends on the way the Government handles the growth and economic shocks. In an uncomfortable disclosure, S&P also said that India might also become the first fallen angel among BRIC nations (Brazil, Russian, India and China). The ratings agency has been heavily critical of the current political disposition at the Centre.
However, S&P is not the first international organization to find flaws in India’s economic trajectory over the past few years. Just recently the leading international brokerage firm CLSA wrote that the India Story virtually over adding that there is little confidence among investors that things are about to turn up. Even on reforms, CLSA echoed the general perception and wrote that reforms will have to wait till 2014 when the current ‘dysfunctional’ Government’s tern ends. In contrast, CLSA lauds the growth trajectory of Gujarat and terms it the poster child of economic development in India.
Shri Modi too has been repeatedly raising the issue of economic stagnation for a very long time. During a recent interview with Economic Times, he said that the country could only progress if red tape is eliminated. He also asked the Prime Minister to stop preaching to the states and govern, which is what the Centre is expected to do.
Leading web-based news site, Firstpost argued that on the economy front while the Prime Minister offered tired clichés, Shri Modi offered the Big Idea that the country urgently needs. Even other commentrators, bloggers and social media circles have extended praise to Shri Modi’s economic vision.