A day after Union Minister Narayan Rane predicted a recession in June, the Congress on Tuesday questioned the silence of the Central government.
Jairam Ramesh, Congress General Secretary said, “Narayan Rane, Union Cabinet Minister of MSMEs – that have been destroyed since 2014 – forecasts recession in India after 6 months. He said this in Pune at a G20 gathering.
“What are the PM & FM hiding from the country?” Congress alleged that the MSME sector has been destroyed by the government since 2014.
Also Read: Hyderabad’s IT hub could benefit from the recession in US
Congress president Mallikarjun Kharge had earlier said that “the financial divide has deepened and one percent of the population holds 40 percent of money while half the population only has 3 percent”.
Speaking to the media on Monday after inaugurating the G20’s first Infrastructure Working Group (IWG) meeting in Pune, Rane said the government under Prime Minister is making efforts to ensure citizens are not affected by the global economic slowdown.
“Since we are in the cabinet, we get information or PM Modiji advises us on it. The Government of India under Modiji is making efforts to ensure citizens are not affected by the expected economic slowdown after June,” Rane said.
If the predicted recession hits the US, it will slow the growth of the IT sector in general. However, this could be quite beneficial for some companies in India, particularly those in the IT hubs of Hyderabad, Bengaluru, and Pune.
This is due to the fact that many companies could outsource work to, thereby creating job opportunities. Furthermore, the type of work being outsourced to India has progressed beyond just voice-based call centers.
More work will come to India, including Hyderabad, according to Manisha Saboo, President of industry body Hyderabad Software Enterprises Association and Infosys Hyderabad SEZ Centre Head. Opportunities will exist in animation, semiconductors, and new segments such as the Mobility Valley.
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