The Narendra Modi government’s call to industry captains to take risks and invest clearly proves that it never had a plan for revival of the Indian economy, the Aam Aadmi Party said in a statement.
“It was shocking to see a clueless Prime Minister, with no prescription for the ailing economy in hand, tell industry captains to show courage and take risks, AAP said, adding “Why doesn't he (Modi) show courage and take some risk. The bloodbath on Dalal Street clearly shows that the market has lost hope in the Government,” said the party, which runs the Delhi government, headed by Chief Minister Arvind Kejriwal.
Commenting on the rupee touching the lowest level in two years, AAP said the currency is bound to get a further beating with the US economy seeing a revival and Fed rates likely to go up.
“Despite fuel prices coming down, there has been no relief on the food inflation front. Most of the major companies have shown poor results in the third consecutive quarter,” it said, adding that the current indicators suggest that the worst phase for the economy is yet to come.
AAP was reacting to the Modi government’s meeting on Tuesday with top industrialists and banking experts.
The party urged the Centre to invite all political parties to sit together and work out an economic roadmap for the country, as the Modi government had not only failed the common man, but also the expectations of industry and the business class.