Congress leader Priyanka Gandhi Vadra on Monday attacked the Prime Minister Narendra Modi-led government over job losses and the closure of companies because of the slowdown in the economy and said the government’s silence was “dangerous”.
“The government’s silence is dangerous,” Vadra said in a tweet. “Companies are not functioning. People are being fired from their jobs. BJP government is silent. After all, who is responsible for this recession in the country?”
According to the news reports shared by Vadra, the government’s demonetisation exercise had led to job losses of 1.10 crore people. Another report she tweeted said a large number of educated youths remain unemployed in the country.
The Congress general secretary’s statement came amid a severe crisis in the automobile sector and fast moving consumer goods. The government is also battling decreasing government revenues and reduced consumer demand. Economic growth slipped to a five-year low of 5.8% in the January to March quarter.
To discuss this slowdown, the Prime Minister’s Office and the finance minister have reportedly met various stakeholders over the last week.
Car sales plummet
Auto sales have hit their lowest levels in nearly two decades and dealers are left with a huge inventory, The Indian Express reported on Monday.
The dealers are offering huge discounts on several models to drive their sales and clear the inventory. Discounts on cars by Maruti Suzuki, Hyundai and Honda Cars have also touched an all-time high currently.
Car sales declined precipitously as 286 dealership outlets have closed in the last 18 months and 15,000 jobs have been lost in the last quarter.
Last week, data showed that passenger vehicle sales fell 30.9% in July over the same month last year, while car sales declined 35.95%. The overall downturn in the market stood at 19%.
The Suzuki Motor Corp unit has in recent months announced production cuts at its factories in Gurugram and Manesar in Haryana. Others such as Tata Motors Ltd, Mahindra and Mahindra Ltd and Renault have taken similar measures at their factories across India.