Experts Flagging Economic Threats, When Will PM Listen: Ramesh
The Indian economy has been facing numerous challenges in recent times, and the opposition Congress party has been vocal about its concerns over the government’s handling of the situation. Recently, Congress leader Jairam Ramesh highlighted the observations of investment expert Saurabh Mukherjea, who identified three significant threats to the economy, a view that has been echoed by many other experts. Ramesh expressed frustration that despite these warnings, the Prime Minister, Narendra Modi, seems to be ignoring them.
Mukherjea, a well-known investment expert, has been critical of the government’s economic policies, and his views have been shared by many other analysts. According to Ramesh, Mukherjea has flagged three main threats to the Indian economy: the growing current account deficit, the rising fiscal deficit, and the increase in non-performing assets (NPAs) in the banking sector.
The current account deficit, which is the difference between a country’s imports and exports, has been a major concern for India in recent times. The deficit has been widening due to a combination of factors, including a decline in exports and a surge in imports. This has put pressure on the country’s foreign exchange reserves, which have been declining steadily.
The fiscal deficit, on the other hand, is the difference between a country’s income and expenditure. The Indian government’s fiscal deficit has been rising steadily, which means that the government is spending more than it is earning. This has led to a significant increase in the country’s debt, which is now one of the highest in the world.
The rise in NPAs in the banking sector is another major concern. NPAs occur when a borrower fails to repay a loan, and the bank is left with an unpaid debt. The increase in NPAs has been a major challenge for Indian banks, which have been struggling to recover the bad debts. This has led to a significant increase in the non-performing assets (NPA) ratio, which is now one of the highest in the world.
Ramesh expressed frustration that despite these warnings, the Prime Minister seems to be ignoring them. “Every analyst has endorsed the same views,” he said. “What will it take for PM to hear them?” he added. The Congress party has been critical of the government’s handling of the economy, and Ramesh’s comments are just the latest in a series of criticisms.
The Congress party has been accusing the government of being complacent and ignoring the economic challenges facing the country. The party has also been critical of the government’s economic policies, which it says are not addressing the problems facing the economy. The party has been calling for a more proactive approach to addressing the economic challenges, including a reduction in taxes and a increase in government spending on infrastructure and social welfare programs.
The government, on the other hand, has been defending its economic policies, saying that they are necessary to stimulate economic growth and create jobs. The government has also been pointing to the country’s strong economic growth in recent years, which it says is a testament to its policies.
However, Ramesh’s comments highlight the growing concerns about the economy, and the need for the government to take a more proactive approach to addressing the challenges facing the country. The government must listen to the experts and take concrete steps to address the growing threats to the economy.
