November 21, 2019
Saugata Roy speaks on the worsening economic situation in the country
Sir, I refer to the worsening economic situation in the country which is the worst in many years. Nominal GDP growth is at a 15 year low at 5 per cent. Unemployment is at 8.5 percent is at a 45 year high, household consumption is at a four-decade low. Bad loans are at an all-time high. Growth in electricity generation is at a 15year low. The auto industry is on the brink of closing down and the real estate sector is in a crisis.
This economic situation cannot be solved by giving tax concessions to corporates because now retail information numbers have shown an increase. Prices have increased. Sir, all I want to say is that this can be solved only by boosting demand through fiscal policy and reviving private investment through social policy.
Consumer confidence has dipped further. This is very disturbing. Unfortunately, the Prime Minister is showing a cavalier attitude towards this economic crisis, he is not dealing with economic problems, he is only raising either nationalistic or jingoistic or communal problems.
I urge upon him to give attention to the very serious problem in the economic field. Thank you, Sir.