Demanding a “white paper” on the state of Indian economy, CPI leader Gurudas Dasgupta on Monday in Lok Sabha accused that the government’s wrong policies have compounded the misery, as people are losing jobs. He along with other opposition leaders also asked for structured debate in House on the issue.
Raising the matter during Zero Hour, Mr Dasgupta said, “the shadow of the Great Depression has fallen on India” as the Indian economy was faced with a “deep crisis as never before”.
Accusing the Centre for pursuing “wrong economic policies”, which has plunged the country into a “crisis like situation, the CPI leader said, the government had remained “conspicuously silent” over the issue. He said an “unprecedented slowdown” was being witnessed as growth in investment and production in all sectors like manufacturing, agriculture and even the service sector, had taken a southward plunge.
Maintaining that industrial production index had come down to 0.1 per cent, Mr Dasgupta said this meant that the economy had come to a standstill, causing stagflation. “This has never happened in India,” he added.
The rupee value in terms of dollar had declined significantly, while international rating agencies were downgrading Indian economy, which would adversely affect FDI flow into India, Mr Dasgupta said.