RBI issues warning on economic crisis, Rahul Gandhi says 'Increase spending, not credit'

Congress leer Rahul Gandhi on Wednesday took a dig at centre after Reserve Bank of India (RBI) issued a warning with regards to ecomic contraction till September amid global pandemic COVID-19. Wayan MP said, "distractions through media will t help poor". Rahul Gandhi took to Twitter with this news and posted "RBI has w confirmed what I have been warning for months." Congress leer also shared a few suggestions to battle situation. 

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Rahul Gandhi gives suggestions after RBI anunces ecomic contraction

After RBI officially issued warning on declining ecomic condition amid vel pandemic Coronavirus, congress leer also shared few suggestions/ recommendations to government including. He ded, "Government needs to: Spend more, t lend more. Give money to poor, t tax cuts to industrialists. Restart ecomy by consumption." "Distractions through media won't help poor or make ecomic disaster disappear."

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Diminishing capacity utilization, exhausting of consumption demand and stressed balance sheets, RBI on August 25 called for various changes to recover losses dues to Coronavirus crisis and trace path back to sustainable ecomic growth. Wayan MP said that rar than using corporate tax cut of September 2019 for reviving capital expenditure cycle, it has been availed in debt servicing, maintenance of cash balances and present assets. 

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2019-20 annual report of Central Bank says, "se underlying developments suggest that appetite for investment is anaemic and in need of more reforms." supply of tes has also been affected due to  outbreak of virus informed Central Bank. RBI said that only way to battle COVID-19 ecomic crisis into an opportunity is by using training and online provision of education to execute reforms in social infrastructure by reskilling and skill development to prepare labour force equipped to keep up with big push on infrastructure. 

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(With ANI inputs)