Shiv Sena attacks Centre over state of economy in mouthpiece Saamana

The Shiv Sena on Saturday attacked the Central government over the current state of the economy in the country in its mouthpiece Saamana. The Sena said that the government is not able to give any comfort to the market, which has been severely broken by the implementation of demonetisation and Goods and Services Tax (GST). The editorial further mentioned that industrial growth is being affected and the manufacturing growth is also being impacted which is reducing employment opportunities. It also stated that the unemployment rate in our country is constantly increasing. Lastly, it termed that nature is already cruel and so at least the Centre should not make ruthless policies.

Earlier on Tuesday, Shiv Sena said centralization of power in the Prime Minister's Office (PMO) was one of the main reasons for the "poor" economic health of the country. The central government wants the finance minister and RBI governor under its control, an editorial in Sena mouthpiece 'Saamana' claimed, adding that the present BJP-led dispensation is not ready to listen to economists as it considers the economy as a "share market gamble".

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It supported concerns raised by former RBI governor Raghuram Rajan, who recently said India is in the midst of a "growth recession" with signs of a deep malaise in the economy that is being run through extreme centralization of power in the PMO and powerless ministers. India's economic growth slowed to a six-year low of 4.5 per cent in the July-September quarter.

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Economic Rebound by 2020

India's economy is expected to rebound in 2020 on the back of measures taken by the government and the RBI coupled with an easing of global trade tensions, industry body CII said on Sunday. The chamber also suggested a flexible fiscal policy that will set a central government's target for the deficit in the range of around 0.5 to 0.75% and said it is likely to have a significant multiplier effect on the economy. "With the proactive measures taken by the government and the Reserve Bank of India (RBI), the industry believes that the slowdown will be overcome, and a gradual recovery will soon be in place."

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(with agencies input)