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PM Modi's speech on economy was more fluff, less fact: Manish Sisodia

January 20, 2018 07:59 PM

The operation performed by PM Modi on the failing economy might have been successful, but the patient has not survived: Manish Sisodia

Senior leader of the Aam Aadmi Party and Delhi's Deputy Chief Minister Manish Sisodia addressed a press conference from the party office today, along with senior leader and National Spokesperson Ashutosh. The leaders addressed the media on the Prime Minister's speech on Wednesday on the state of the economy. "PM Modi mislead the country in his speech on the economy quoting facts and figures without any context and not explaining the reasons for the sliding GDP growth and employment figures. He made no mention of what his government has achieved over the last three years in the fields of education and healthcare. The speech was loaded with more jumlas than facts."

Point 1 : The Prime Minister is lying to the people on the real state of the economy. He said that the GDP had only fallen for one quarter, whereas the fact is that the GDP has now been in a freefall for the last six quarters starting Jan-March 2016 when it was at 9.1%. Today the GDP growth rate has fallen drastically to 5.7% in April-May June. If the PM believes this is a nominal loss, he's clearly misleading the people. Even one point drop in GDP results in a reduction of national income by Rs 1.5 lakh crore and lakhs of jobs. The PM defended his performace by claiming the UPA too had seen such poor figures, but the fact is that the UPA, despite having mismanaged the economy had maintained the GDP growth rate at 6.1% over the last two quarters of their term.

Most shockingly, the PM made no mention of employment generation in his speech. The Labour Department of the Modi government has already pronounced that the government has been a failure in the front of creation of employment. After promising to generate one crore jobs every year, in 2014-15 the number was at at 1.5 L and in 2015-16 it was at 2.3 L. The fact that PM Modi made no mention of the state of employment in the country is an admission of the government's failure.

Point 2: In times of uncertainty and slowdown, the country needs strong leadership that not only identifies the problems we are facing, but also accepts it's own faults so as to make the necessary course corrections. India needs a leader who has a roadmap toward recovery. PM Modi showed no such signs during his speech. In his 55-minute address, his major focus was on his own achievements. There was no acknowledgement that the country's economy was struggling. The PM did not tell us how many jobs were lost as a result of demonetization, and nor did he tell us how many businessmen are suffering because of GST. He did not explain why fuel prices have been hiked to such levels when crude oil prices are so low. He didn't explain why foreign investment in India has hit rock bottom. PM Modi's operation on India's taking economy might have been successful, but the patient has not survived!

Point 3: The Prime Minister's speech has exposed his limited understanding of what makes the country progress. His government in the Centre hasn't taken any steps to strengthen healthcare and education, and they do not seem to have any plans to do so either. The government must understand that to try build the nation, it must invest in human capital and build capacities of the people. Only if it does that will we see progress. In the last three years, the Modi Government has spent only one percent of the GDP on Healthcare, at a time when the international average is 6%. Delhi state, in comparison, spends 12% of it's Budget on healthcare. On education it spends 3.7%, down from 4.6% in 2013-14 of the GDP, while the Delhi government spends 23% of it's state budget on education.

Senior leader of the party Ashutosh added, "The Prime Minister has called his critics 'Shalya'. Who then, are the Duryodhan and Shakuni of his government? The Modi government only talks of infrastructure spending, while making no mention of education and healthcare. The BJP's economic model is centred around building roads, while the Aam Aadmi Party's is about building the nation through education and healthcare."

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