Congress attacks Modi govt over capital outflow from country

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Published: September 17, 2019 9:50:50 AM

The Congress hit out at the government on Monday over reports of capital outflow from the country, saying it is a "vote of no confidence" and a huge wake-up call for Prime Minister Narendra Modi and his government.

Congress leader Jairam Ramesh, quoting a media report, said in just four months of the current fiscal, there has been outward remittance to the tune of USD 5.8 billion (File)

The Congress hit out at the government on Monday over reports of capital outflow from the country, saying it is a “vote of no confidence” and a huge wake-up call for Prime Minister Narendra Modi and his government. Congress leader Jairam Ramesh, quoting a media report, said in just four months of the current fiscal, there has been outward remittance to the tune of USD 5.8 billion. “In just the first four months of FY 2019-20, outflow of outward remittance from India has hit USD 5.8 billion, equivalent to outward remittance flow during 5 years of UPA-2!!.

“Money escaping India is a vote of no-confidence. This is a huge wake up call for the Prime Minister and government,” he said on Twitter. At a party briefing, Congress leader Rajiv Shukla also alleged that there was outflow of capital to the tune of USD 45 billion, equivalent to Rs 3.15 crore, during the last five years of the BJP government. As former prime minister Manmohan Singh has said, this government has to first admit that the country is in a financial crisis and it is in denial mode, Shukla said. “It should admit and take views of noted economists and all parties so that the country benefits. How can you steer the economy out of this crisis if you are in denial mode, claiming that all is well,” he asked.

The Congress leader said a media report has said that under the “Liberalized Remittance Scheme”, there has been a flight of capital to the extent of USD 45 billion in the last five years. “This comes to 3.15 lakh crore going out of the country. Earlier they claimed of bringing back so-called 4 lakh crore of black money kept in foreign banks, but forget that, now Rs 3.15 lakh crore is going out of the country. “This money is of those businessmen who are wanting to start business in other countries as there is no business in India and there is not a conducive atmosphere for ease of doing business here,” he said. Shukla said there was a report earlier that some 6,000 entrepreneurs had gone out of the country and this was a very serious issue.

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