First, Praise for PM, Now an Offer: Shatrughan Sinha Extends Help on India's Slowdown with Kishore Kumar Song
In a bid to stabilise the faltering economy, Nirmala Sitharaman had on Friday announced the removal of surcharge on capital gains on shares for both foreign and domestic investors.
Illustration by Mir Suhail.
New Delhi: Days after heaping praise on Prime Minister Narendra Modi for his Independence Day speech, the known critic of the BJP, Shatrughan Sinha, returned with another attack on the Centre. This time he targeted the government over economic slowdown.
In a trail of tweets, Sinha said that the economic slowdown clearly seems to be everyone's talking point right now. "Don't you think we should do something about it?" the actor-politician wrote.
to your government to salvage a situation that has now adversely affected several key sectors and industries - from agriculture to automobiles, soaps to shampoos, and textiles to even biscuits.....Production cut backs and layoffs have become norm of the day with Textiles,— Shatrughan Sinha (@ShatruganSinha) August 25, 2019
Aviation, Automobile, Non-Banking Finance and consumer goods industries hurting the most. The ripple effects of this slowdown has spiked the unemployment rate to over 6%, an all time high in 45 years.....over 30 million people are jobless!— Shatrughan Sinha (@ShatruganSinha) August 25, 2019
The Indian Aviation industry is reeling under its worst meltdown ever.....these are just nibbles of the snowballing effect.What caused this mess?Demonetisation? GST? Policies? We keep pondering....but we also know that you, Honourable Prime Minister Sir, are the Hero— Shatrughan Sinha (@ShatruganSinha) August 25, 2019
we’re more than happy to help!I am reminded of a very popular Kishore Kumar song...."Aane wala pal, jane wala hai, ho sake to isme, zindagi bitado, pal jo ye jane wala hai"......there is still hope, and we know it will get better! Jai Hind!— Shatrughan Sinha (@ShatruganSinha) August 25, 2019
India's economic growth has slowed to 6.8 per cent in 2018-19 — the slowest pace since 2014-15, and various projections by private experts and the central bank estimate that the GDP growth in the current year will be less than government estimate of 7 per cent.
In ominous signs that the slowdown may be deep, the auto sector is facing its worst crisis in two decades with reports suggesting thousands of job losses in the automobile and ancillary industry, real estate sector has huge unsold inventory, while fast-moving consumer goods (FMCG) companies have reported a decline in volume growth.
A report claimed that India's largest biscuit maker, Parle Products Pvt Ltd, may also lay off up to 10,000 workers if a bruising consumption slowdown persists.
Parle, popular for its Parle-G and Marie brand of biscuits, is not the only food product company to have flagged a slowing demand. Earlier this month, biscuits maker Britannia Industries Ltd's Managing Director Varun Berry said consumers were "thinking twice" about buying products worth just Rs 5.
In a bid to stabilise the faltering economy, Finance Minister Nirmala Sitharaman had on Friday announced the removal of surcharge on capital gains on shares for both foreign and domestic investors, provided an upfront Rs 70,000-crore equity infusion into public sector banks to boost lending, and unveiled measures to push automobile sales.
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