New
Delhi, Nov 17: Accusing the Narendra Modi Government of relying on reports
of International agencies like World Bank and the Moody's to divert attention
from the poor state of the Indian economy, the Congress on Friday said that
both Modiji and Moody's had failed to gauge the 'Mood of the Nation'.
Talking to reporters here, AICC spokesprson Rajeev Shukla said, 'hunger Deaths, Farmer’s shootings, Agri Distress, Job Losses, Lowest Credit Ratings, Rising Prices, Plunging Exports, Flawed GST, Demonetisation Disaster, Stagnant Growth are the real indices to measure the real situation of the Indian economy. After destroying India’s economy, Modi Government is clutching at straws to claim lost credibility. They rely upon a World Bank report of Delhi/Mumbai to claim all is well and quote a PEW survey of 2464 people to claim victory. At this pace, Mr Modi should be fighting the next election abroad. ' Contending that the ratings like that of the World bank and Moody's failed to reflect the ground realities of the country, Mr Shukla said, 'Mr Modi, do remember that Moody’s, S&P and other rating agencies defaulted in rating American sub-prime mortgages as AAA before the economic meltdown. The lesson is to ‘stop acting’ and & ‘get your act’ together. Shun ‘arrogance’ and ‘listen’ to the trade and industry. ' Stating that the reform programmes in India will complement the existing "shock-absorbance capacity" provided by India's strong growth potential, the US-based noted rating agency Moody's Investors Service on Friday upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook. Amid strong anti-GST political campaign especially in poll-bound Gujarat, it also said that reform strategies like the Goods and Services Tax (GST) will promote productivity by removing barriers to interstate trade. "....measures which increase the degree of formality in the economy, broaden the tax base (as with the GST), and promote expenditure efficiency through rationalization of government schemes and better-targeted delivery (as with the Direct Benefit Transfer -DBT- system)," the agency said in its statement. Welcoming the report, Prime Minister's Office (PMO) here said in a tweet: "Moody's believes that the @narendramodi government's reforms will improve business climate, enhance productivity, stimulate foreign and domestic investment, and ultimately foster strong and sustainable growth". UNI
Talking to reporters here, AICC spokesprson Rajeev Shukla said, 'hunger Deaths, Farmer’s shootings, Agri Distress, Job Losses, Lowest Credit Ratings, Rising Prices, Plunging Exports, Flawed GST, Demonetisation Disaster, Stagnant Growth are the real indices to measure the real situation of the Indian economy. After destroying India’s economy, Modi Government is clutching at straws to claim lost credibility. They rely upon a World Bank report of Delhi/Mumbai to claim all is well and quote a PEW survey of 2464 people to claim victory. At this pace, Mr Modi should be fighting the next election abroad. ' Contending that the ratings like that of the World bank and Moody's failed to reflect the ground realities of the country, Mr Shukla said, 'Mr Modi, do remember that Moody’s, S&P and other rating agencies defaulted in rating American sub-prime mortgages as AAA before the economic meltdown. The lesson is to ‘stop acting’ and & ‘get your act’ together. Shun ‘arrogance’ and ‘listen’ to the trade and industry. ' Stating that the reform programmes in India will complement the existing "shock-absorbance capacity" provided by India's strong growth potential, the US-based noted rating agency Moody's Investors Service on Friday upgraded India's sovereign credit rating by a notch to 'Baa2' with a stable outlook. Amid strong anti-GST political campaign especially in poll-bound Gujarat, it also said that reform strategies like the Goods and Services Tax (GST) will promote productivity by removing barriers to interstate trade. "....measures which increase the degree of formality in the economy, broaden the tax base (as with the GST), and promote expenditure efficiency through rationalization of government schemes and better-targeted delivery (as with the Direct Benefit Transfer -DBT- system)," the agency said in its statement. Welcoming the report, Prime Minister's Office (PMO) here said in a tweet: "Moody's believes that the @narendramodi government's reforms will improve business climate, enhance productivity, stimulate foreign and domestic investment, and ultimately foster strong and sustainable growth". UNI
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