Economic Survey testifies Modi government's economic mismanagement: Congress

The Economic Survey has affirmed "utter mismanagement" of Indias economy by the Narendra Modi government in the last four years, the Congress said on Monday, after the Economic Survey 2017-18 was tabled in Parliament.

"The GDP growth is down, agriculture is in utter disarray, rural wages are declining, industrial growth is plunging, job creation figures are invisible, fresh Investment is low, education and health spending is in crises and ‘Make in India' is floundering," Congress spokesman Randeep Singh Surjewala said. 

"By the Economic Survey's own admission, the informal sector has been severely impacted thanks to demonetisation and flawed GST," Surjewala said.

He said that agriculture is India's lifeline as it still accounts for a substantial part of GDP (16 per cent) and employment (49 per cent) but the Agri-GDP growth under Modi government has "plunged to just 1.9 per cent, half of what was achieved in the first four years of the UPA". 

"During the Congress-led UPA government, between 2004-05 and 2013-14, Agri-GDP registered a growth rate of 4.2 per cent, while the overall GDP grew at 7.9 per cent. The Agri-GDP growth under Modi government has plunged to just 1.9 per cent. 

"The Economic Survey admits that BJP's promise of doubling the farmers' income would require 12 per cent growth per annum for six continuous years. The reality is it is growing by mere 1.9 per cent," the Congress leader said. 

He said that while the average industrial growth during the 10 years of UPA was 4.2 per cent, it has come down to 3.7 per cent over the last four years under the present government. 

"The construction sector which is the largest employer in the non-agriculture sector has slowed to 1.7 per cent in FY2017. No wonder, there are no jobs in the country," he said.

He said weak export and a trade deficit at a three year high have also added to the economic stress. The manufacturing export as per cent of GDP has declined from 10.6 per cent to 8.3 per cent.

"The Economic Survey says the GST rate should have been one single rate of 15-16 per cent. The Modi government did not listen to the Congress' suggestion of a true 'one nation, one tax' and chose not to listen to its own Chief Economic Advisor (CEA) by going for complex and cumbersome GST rate," Surjewala said.