New Delhi, Oct 4 The Congress on Wednesday hit out at Prime Minister Narendra Modi over his speech that praised his government’s performance, saying “melodramatic theatrics” can never substitute solid facts and all economy drivers were “sputtering and stumbling.”
Following Modi’s speech at a function of Institute of Company Secretaries of India at the Vigyan Bhavan here, Congress spokesperson Randeep Singh Surjewala said the government had not been able to fulfil its promise of generating jobs.
He accused Modi of indulging in “sugar-coated theatrics”.
In a series of tweets, Surjewala said: “Mr Prime Minister, if histrionics and dramatics could improve India’s economy and create Jobs, then acche din could have arrived today!
“PM Modi has once again tarnished RBI’s (Reserve Bank of India) image. Does the RBI and his government lie when it admits that we are heading for an economic slowdown?
“Melodramatic theatrics can never substitute solid facts. Modi ji, 40 months have lapsed but promise of two crore jobs per year turns into jumla!
“From textile to information technology, from construction to MSMEs — all facing the pinch of Modi ji’s economic mismanagement. Layoffs are the order of the day.
“Foreign portfolio investors have pulled out 3.2 billion dollars from our market because you demolished our macroeconomic fundamentals, Modi ji.
“Inflation is rising and you are hell bent in destroying the savings of common people by reducing rates in saving schemes, Modi ji!
“Investment is stagnant. Projects worth Rs 13.32 lakh crore are stalled. Lack of clearances biggest reason! But Modi ji is giving only speeches.”
Modi in his speech admitted for the first time that there was an economic slowdown but advised his critics not to spread negativity and promised steps to put the economy on the path of recovery.
Modi compared his government’s performance with that of earier Congress-led United Progressive Alliance government, saying inflation had fallen from 10 per cent to 2.5 per cent, current account deficit had slid from 4 per cent to around 1 per cent, fiscal deficit had come down from 4.5 per cent to 3.5 per cent and foreign exchange reserves had increased from 30,000 crore dollars to 40,000 crore dollars.