NEW DELHI : The Bharatiya Janta Party (BJP) has rebutted Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi’s claim that India is heading towards an “economic tsunami” because the Government has removed all shock absorbers calling it not just wrong, but also a classic fear-mongering.
“If India’s shock absorbers had truly been removed, why is the economy continuing to show resilience despite elevated crude prices, conflict in West Asia, supply-chain disruptions, global financial tightening and persistent geopolitical uncertainty? The reality is exactly the opposite. India is facing an external shock, but India is not defenceless. The shock absorbers have not been removed. They have been built over the last decade,” BJP leader Amit Malviya said in a long post on social media post X.
Highlighting the support measures by the BJP government during the Iran War crisis, Malviya said When global crude prices surged, excise duty cuts on petrol and diesel cushioned consumers. Supply-side interventions and export restrictions were used when necessary to protect domestic availability and contain inflation.
“Through ECLGS 5.0, MSMEs receive 100% guarantee coverage while non-MSMEs and airlines receive 90% coverage. Additional credit support of up to 20% of peak working capital, capped at ₹100 crore, is available to eligible borrowers.”
“Airlines facing fuel-price volatility can receive assistance of up to ₹1,500 crore per borrower. The objective is clear: protect jobs, sustain supply chains and ensure uninterrupted production.”
“Simultaneously, the Cabinet has approved ₹37,500 crore for surface coal and lignite gasification, targeting 75 million tonnes of gasification capacity and expected to mobilise investments worth ₹2.5–3 lakh crore. ”
Comparing the current economy with the Congress-led UPA period, he said, between 2011 and 2013, the rupee plunged by 36%.
“Forex reserves declined from around USD 294 billion in July 2011 to approximately USD 256 billion in August 2013. Import cover fell to just over six months by September 2013, down sharply from 17 months in March 2004. The forex reserves-to-external debt ratio deteriorated from 95.8% in FY11 to 68.8% in FY14,” he wrote.
“Inflation averaged 8.2% during FY04–FY14 and remained in double digits for much of FY10–FY14.”
Thrashing Modi government’s policies to tackle the global crisis, Rahul Gandhi warned that an “economic tsunami” is coming, and the system is also revolting due to public pressure.
The Congress leader claimed that the system that was once “controlled” by PM Modi is collapsing. He said that the system is now providing information about the prime minister and his cabinet colleagues to him.
“From one side, a massive economic tsunami is coming, prices are rising and this is just the beginning. India will witness such an economic crisis that you have never ever witnessed in your lives. This is happening and no one can stop this,” he had said.
