Modi govt is making sure indices remain vulnerable: Congress

The Congress on Friday trashed the Modi government for the ‘double whammy of Jumlanomics.’

“In its last lap, Modi govt is making sure that all indices of economy remain vulnerable,” Congress chief spokesman Randeep Singh Surjewala tweeted, citing the industrial growth plunging to a seven-month low and retail inflation soaring to a five month high.

“Will FMs(?) – ‘Asleep at the Wheel’ answer,” he asked.

In another tweet, he ridiculed the government’s attempt to force the Life Insurance Corporation of India (LIC) help out the sinking IDBI Bank due to its unmanageable NPA (non-productive assets).

He pointed out that LIC’s own NPA has risen by 26% to Rs 22,700 cr which is half of IDBI Bank’s non-productive assets.

Surjewala said: “Modi Govt wants to risk hard earned savings of 38 cr policy holders by forcing LIC to buy stakes in loss making IDBI. But LIC’s own NPAs are rising insurmountably.

“Waah Modinomics!” he tweeted.

In a tongue-in-cheek comment, former union finance minister P Chidambaram tweeted, “Achchhe din is around the corner,” citing retail inflation hitting 5month high and industrial growth slump to 7-month low.

“Outgoing CEA says demonetisation certainly contributed to deceleration of the economy. As we had predicted, it cost 1.5% of GDP,” Chidambaram said in another tweet.