Country facing financial emergency-like situation: Congress
New Delhi: The Congress on Sunday expressed concern over what it called the "slowdown" of economy and said the country is facing a situation like that of a "financial emergency".
Congress spokesperson Abhishek Singhvi accused the BJP of diverting the people's attention from its failures. Expressing concern over the economic slowdown, Singhvi said the situation is like that of a "financial emergency".
He raised the issue of slowdown in automobile sector.
The trend of the slowdown in the automobile industry did not come all of a sudden. The 31 per cent fall in sales is also the ninth straight drop in monthly passenger vehicle sales, Singhvi said.
"Sales have fallen in 12 out of 13 months since July 2018, underscoring the sharp slowdown in the world's fourth largest automobile market," Singhvi said at a press conference.
He also raised the issues of crashing stock exchange and rising fiscal deficit.
The other issues he raised are falling GDP figures, shrinking labour force, recession in real estate sector, continuous weakening of rupee, and falling foreign direct investment and foreign portfolio investment.
Criticising the Narendra Modi government, he said, "Ironically, if one looks at between Modi 1 (government) beginning and Modi 2, he or she shall figure that has been a regression in progress."
Singhvi also accused the NDA government of being unable to come up with a "sound" monetary policy.
"It has to consider about the trade-off between unemployment and inflation," Singhvi said.
He also asked "why the rate cuts have been announced by the RBI even after so many days? Only one-third of the rate cuts have been implemented by the banks, the substantial chunk has not reached the recipients of credit".
"Why there is so much noise about selling ailing public sectors but absolutely no progress on the ground," he asked. Singhvi further said that when Prime Minister Modi assumed office, the rupee was at 58.7 against the US dollar.
"However now rupee has further devalued. One USD has reached Rs 71 and is anticipated to cross Rs 72 limit in the coming weeks," he said.
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PM Modi speaks to Iranian president, discusses 'serious' situation in West Asia
New Delhi (PTI): Prime Minister Narendra Modi on Thursday night spoke to Iranian President Masoud Pezeshkian over the phone and discussed the "serious situation" in West Asia.
Modi expressed deep concern over the escalation of tensions in the region and the loss of civilian lives as well as damage to civilian infrastructure.
The prime minister told the Iranian President that the safety and security of Indian nationals, along with the need for unhindered transit of goods and energy, remain India's top priorities.
“Had a conversation with Iranian President, Dr Masoud Pezeshkian, to discuss the serious situation in the region. Expressed deep concern over the escalation of tensions and the loss of civilian lives as well as damage to civilian infrastructure,” Modi said in a post on X.
The prime minister also reiterated India's commitment to peace and stability and urged dialogue and diplomacy to end the crisis.
The prime minister had spoken to leaders of several West Asian countries in the last 10 days in the wake of the coordinated offensive launched against Iran by the United States and Israel, in which the Islamic country's Supreme Leader, Ali Khamenei, was killed last month.
In retaliation, Iran has fired drones and missiles at Israel and US military installations around the Gulf region, including the global business and aviation hubs of Dubai and Doha.
Modi earlier spoke to the leaders of Oman, Kuwait, Bahrain, Saudi Arabia, the UAE, Jordan, Israel and Qatar, and expressed concern over the attacks on their countries, and condemned the violation of some nation’s sovereignty and territorial integrity.
He also discussed the welfare and security of the Indian community residing in those countries.
Around 1 crore Indians live in the Gulf and West Asia. While about 10,000 Indian citizens live, study and work in Iran, more than 40,000 live in Israel.
