Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
2-min read

Prime Minister Narendra Modi 'Solely Responsible' for Economic Mess, Says Congress

"Mr Prime Minister, the ground is shaking, and people feel betrayed. People have downgraded the government on its economic performance, these dubious upgrades don't matter," tweeted Congress leader Anand Sharma.

News18.com

Updated:November 25, 2017, 9:19 AM IST
facebookTwitterskypewhatsapp
Prime Minister Narendra Modi 'Solely Responsible' for Economic Mess, Says Congress
File photo of PM Narendra Modi. (Getty Images)
Loading...

New Delhi: Prime Minister Narendra Modi was held "solely responsible" for creating a "mess" of the economy by the Congress on Friday. The comment came after Standard & Poor kept its sovereign rating for the country unchanged.

Senior Congress leader Anand Sharma the government was taking shelter under these "dubious" certificates from rating agencies.

Rating agency Moody's had on last Friday raised India's sovereign rating from the lowest investment grade of Baa3 to Baa2 - the first upgrade in almost 14 years.

Sharma accused Modi of being solely responsible for creating a "mess" of the economy and charged him with being in "arrogant denial".

"Mr Prime Minister, the ground is shaking, and people feel betrayed. People have downgraded the government on its economic performance, these dubious upgrades don't matter," Sharma tweeted.

He said that a "sudden flurry" of certificates from credit rating agencies is the "only fall back" of a government which has derailed India's economy.

Sharma alleged that GDP has sharply fallen, jobs have been "destroyed" in millions and business have shut down.

The leader also further raised questions over the ratings agencies waking up when all the parameters of the Indian economy are "in the red".

"About 3.72 crore jobs have been lost in the MSME/unorganised sector. Investment rate has plunged by 7%, credit offtake falling to a 65-year low. This calls into question the very credibility of these rating agencies," he said on the micro-blogging site.

Declining to follow Moody's recent India rating upgrade, Standard & Poor's today kept its sovereign rating for the country unchanged at the lowest investment grade of 'BBB- minus' citing high government debt and low-income levels.

Lauding it, Defence Minister Nirmala Sitharaman said that the rating is a reflection of the agency's appreciation of the steps taken by the government to keep the economy stable and ensure a high growth trajectory.

"The S&P had inferred that over the next two years, growth in India will remain strong and the country will maintain its sound external accounts position," Sitharaman said.

Union Minister Mukhtar Abbas Naqvi lauded it, saying "After Moody's, S&P gives Narendra Modi govt thumbs up, keeps India's outlook stable."

(With PTI Inputs)

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Aditya Nair
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results