Congress has taken to task over PM Narendra Modi’s frequent foreign tours as they are not helping in boosting the economy. Congress alleged India’s exports have dropped by a whopping 45 per cent despite him completing 30 foreign visits during his 18-month tenure. The party also took a jibe at the Prime Minister over the issue of price rise and said his government has “in one stroke taken away carbohydrate, protein, vitamin and fat from the plates of the common man”. Here are top 5 things to note in Congress spokesman Abhishek Singhvi’s hard-hitting speech:
1. “After 30 foreign visits and another four lined-up, all that Modi has achieved for the nation during his 18 months tenure is a whopping drop of 44.89 per cent in Indian exports, from 280 billion dollars in May 2014 to 154 billion dollars today,” Singhvi said.
2. Despite “all the hoopla” created by the Modi government around ‘Make In India’ initiative, Indian exports have contracted for 11 straight months now and plummeted by 17.6 per cent to just 154.29 billion dollars in October.
3. He said under the Congress-led UPA government, India’s exports crossed the targeted 300 billion dollars and stood at 315 billion dollars in March 2013.
4. “What is particularly worrying is the persistent weakness across other major segments. Gems and jewellery, which account for roughly 13 per cent of the export basket, fell by 12.8 per cent and chemicals and related products which account for 10 per cent of the basket fell by 8.2 per cent while engineering goods with a share of 22.4 per cent have contracted 11.6 per cent,” Singhvi said.
5. This continuing weakness reinforces concerns about India’s ability to replace China as the manufacturing hub of the world and it also raises serious doubts about meeting the $300 billion export mark, he said.