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Country Facing Financial Emergency-like Situation, Congress Says Amid Slowdown in Automobile Sector

Expressing concern over the economic slowdown, Congress spokesperson Abhishek Singhvi said the situation is like that of a 'financial emergency'.


Updated:August 18, 2019, 8:03 PM IST
Country Facing Financial Emergency-like Situation, Congress Says Amid Slowdown in Automobile Sector
File photo of Congress leader Abhishek Manu Singhvi.

New Delhi: The Congress on Sunday expressed concern over what it called the "slowdown" of economy and said the country is facing a situation like that of a "financial emergency".

Congress spokesperson Abhishek Singhvi accused the BJP of diverting the people's attention from its failures.

Expressing concern over the economic slowdown, Singhvi said the situation is like that of a "financial emergency".

He raised the issue of slowdown in automobile sector. The trend of the slowdown in the automobile industry did not come all of a sudden. The 31 per cent fall in sales is also the ninth straight drop in monthly passenger vehicle sales, Singhvi said.

"Sales have fallen in 12 out of 13 months since July 2018, underscoring the sharp slowdown in the world's fourth largest automobile market," Singhvi said at a press conference.

He also raised the issues of crashing stock exchange and rising fiscal deficit.

The other issues he raised are falling GDP figures, shrinking labour force, recession in real estate sector, continuous weakening of rupee, and falling foreign direct investment and foreign portfolio investment.

Criticising the Narendra Modi government, he said, "Ironically, if one looks at between Modi 1 (government) beginning and Modi 2, he or she shall figure that has been a regression in progress."

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