Economy suffering from 'coronavirus', PM must give statement in Parliament: Cong
New Delhi: The Indian economy was suffering from "coronavirus", the Congress said on Thursday and demanded a detailed statement in Parliament from Prime Minister Narendra Modi on the economic decline of the country.
The opposition party also alleged that the State Bank of India's (SBI) slashing of interest rates on savings bank accounts and fixed deposits was aimed at funding the revival of Yes Bank which was reeling under loan defaults by "friends of Prime Minister Narendra Modi".
Congress' chief spokesperson Randeep Surjewala said the Sensex has crashed by 2,700 points and caused a loss of Rs 11 lakh crore for investors on Thursday.
"Those who invested in share markets and mutual funds will have to bear the brunt. In 72 hours, small and medium investors have lost Rs 18 lakh crore. This money largely belongs to the salaried class and small investors," he told reporters outside Parliament.
"The economy is suffering from coronavirus, but the prime minister and Finance Minister Nirmala Sitharaman are silent," Surjewala said.
Equity benchmark Sensex crashed over 2,700 points and the broader Nifty sank below 9,700 (intra-day) on Thursday after WHO declared COVID-19 a pandemic, spiking fears of a global economic recession.
Taking a dig at the prime minister, Surjewala also tweeted, "Congratulations to PM Modi. USD 1= Rs 75.16. Rupee has now joined the ranks of 'Margdarshak Mandal'."
BJP's 'Margdarshak Mandal' includes leaders above 75 years of age.
The international prices of crude oil have fallen to less than USD 35 per barrel but petrol remains over Rs 70 per litre, Surjewala said.
"When in 2004 November, prices of crude oil had fallen to USD 35, then petrol prices in the country was Rs 37.84 per litre. Now when it is at less then USD 35, petrol prices are over Rs 70. You (Modi government) are pocketing money while impacting the pocket of the common man," Surjewala said.
He also said the economy was suffering from "coronavirus" and the "economic corona" has plagued the country's growth.
The Congress leader alleged that the SBI will put money in YES bank revival because "Prime Minister Modi's friends" have defaulted on loans there and that entire money will be taken from the pockets of the common man, old people and housewives who have accounts in State Bank of India.
"The US and Australia have given a special stimulus package (in the wake of the coronavirus impacting economy), but the PM is silent. Parliament is on, our demand from the PM is that he should come before the nation and give a detailed statement on the sliding economy that is suffering from economic corona," Surjewala said.
The SBI on Wednesday cut interest on savings bank accounts to 3 per cent and also waived minimum balance requirement, as it set the trend of lowering interest rates in the banking sector. The country's largest lender has 44.51 crore savings bank (SB) accounts.
It also reduced its fixed deposit rates and marginal cost of funds-based lending rates (MCLR) for various tenors.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
