Thursday, August 18, 2022
HomeTelanganaEconomic crisis caused by Centre's policies: KTR

Economic crisis caused by Centre’s policies: KTR

In his remarks on Thursday, TRS working president KT Rama Rao came out all guns blazing against the Central government, stating that no amount of spin and sophistry can hide the BJP government’s failed economic policies, empty promises, and facts which have devastated the economy.

This NPA (Non-Performing Alliance as opposed to National Democratic Alliance) government has been characterized by ill-conceived policy interventions, lack of foresight, and cronyism.

The Narendra Modi regime uses divide and rule tactics to divert public attention away from pressing day-to-day issues, including unleashing government agencies on people and parties for questioning its policies, Rama Rao said, adding that instead of excuses and self-adulation, the Centre should focus on taming inflation and taking steps to alleviate the pain of the common man.

As part of a blistering attack against the Central government, the TRS working president identified the NPA government’s mismanagement of the economy as making crude jokes on millions of Indians suffering as a result of its flawed policies.

As a result of the BJP government’s lopsided economic policies, he said the country was experiencing massive job losses and income erosion for the first time since Independence. It is completely false to suggest that Nirmala Sitharaman understands how inflation affects the common man. In addition to claiming that GST collections have increased, she also implies that the Modi regime is indifferent to people’s suffering, he said.

There are undeniable facts that cannot be escaped by the Central government, such as the lowest rupee-to-dollar exchange rate ever, the highest inflation rate in 30 years, and the highest unemployment rate in 45 years. He said that India performs poorly on global development indices of all kinds, from democracy to press freedom to income inequality to corruption.

As a result of the constant rise in prices of essential commodities, he said the common man is being harmed, which indicates how the BJP-led Central government has messed up the country’s economy. The central government’s flawed policies are leading to several eminent economists quitting their government jobs, he said.

According to the Minister, while the Modi government bluffed that Rs 3-4 lakh crore of black money would be removed, almost all demonetized currency returned to the Reserve Bank. Moreover, the amount of cash in circulation increased from 18 lakh crore in November 2016 to 31 lakh crore in March 2022.

Another hastily implemented economic reform that failed spectacularly was the GST, he said. As a result of meaningless tax structures on essential goods, States were being robbed of their legitimate tax revenues, and industry was harassed and penalized by the central government. “Modi’s regime has taxed everything and anyone, from hospital beds to health insurance.”

In his remarks, Modi has the dubious distinction of being the first Prime Minister to levy GST on handlooms. According to Rama Rao, the Central exchequer has received 2.5 times more tax revenue from petroleum products than the State exchequer since 2014. This was due to the multi-fold increase in Central taxes and cess on petrol and diesel.

The high taxes have a devastating effect on the industry and also on the citizens. Inflation was directly caused by high fuel taxes, he said. The TRS working president accused the BJP of covering up economic mismanagement by blaming Covid and the Russia-Ukraine war through its propaganda machinery.

Even before the Covid and the subsequent lockdown, there had been eight consecutive quarters of economic slowdown. According to him, the NPA government may be able to get away with brute force in the GST council and Parliament, but the people will never forget the pain caused by its erroneous economic policies.

 

 

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