Free Press Journal

Blog writing can’t increase investment: Cong to Jaitley


New Delhi : The Congress claimed on Sunday the “ad hoc” policies of the BJP-led government at the Centre has put the Indian economy in “dire straits”, and took a dig at Finance Minister Arun Jaitley, saying writing blogs cannot increase investment.

In a series of tweets, AICC in-charge of communications Randeep Singh Surjewala alleged the manner in which the Modi government has sought to “suppress ‘back series'” of GDP report and attempted to distort them, is now out in the open.

“Truth has a way of coming out and cannot be ever suppressed. Jaitley ji, your Govt has left our economy to dire straits … investment is in doldrums,” Surjewala said.

The GDP Back Series Report 2011 was made public earlier this month. According to the draft report, the economy recorded a 10.08 per cent growth rate in 2006-07 under then Prime Minister Manmohan Singh, the highest since liberalisation of the economy in 1991.

The government has said the report was an unofficial document that has not been accepted by it. It has also said the report was at discussion stage and its acceptance will be based on wider consultation, reports PTI.

Surjewala also claimed that the gross fixed capital formation as a per cent of GDP was 34.3 per cent in 2011-12.

In 2013-14, he said, it was 31.3 per cent.

But in the past three years, it has remained constant at 28.5 per cent and has impacted growth, he said.

Meanwhile, Jaitley on Sunday wrote another blogpost and drew a comparison between 2014 and 2018 International Monetary Fund (IMF) staff reports in order to highlight the economic growth and transformation that took place under Prime Minister Narendra Modi government.

Citing the report, which he says, is produced with consultations with various experts after analysing the economic data, Jaitley stated, “An analysis of what the IMF had to say in 2014 as against 2018 is very clear – high inflation, high fiscal deficit, high current account deficit, a standstill infrastructure, power sector, allocation of natural resources.  We have come a long way.”

He further emphasised on the decisiveness and transparency of the ruling dispensation.