Modi & Trump giving their economies self-inflicted wounds: Jairam
The global markets witnessed a significant crash recently, with the Sensex opening over 3,900 points lower and the Nifty opening over 1,000 points below. The reason behind this sudden downturn was the announcement of tariffs by the White House, which sent shockwaves across the globe. Amidst this chaos, Congress leader Jairam Ramesh has come out with a stinging criticism of Prime Minister Narendra Modi and US President Donald Trump, saying that both leaders are experts in giving their economies self-inflicted wounds.
In a tweet, Jairam Ramesh expressed his disappointment and frustration at the way both leaders have handled the economy. He wrote, “It’s no wonder that Mr. Modi and Mr. Trump describe themselves as good friends. Both are experts in giving their economies self-inflicted wounds.” His tweet has sparked a lot of debate and discussion on social media, with many people agreeing with his views and others defending the actions taken by the two leaders.
Jairam Ramesh’s criticism is not unfounded. The economy has been facing significant challenges in recent times, with the Indian economy growing at a sluggish pace of 5.8% in the first quarter of 2022. The job market is also facing a lot of stress, with unemployment rates rising to 7.2%. Similarly, the US economy has also been facing challenges, with the US Federal Reserve raising interest rates to combat inflation.
The tariffs announced by the White House were seen as a major blow to the global economy, particularly to countries like India which are heavily dependent on exports. The Indian rupee has also taken a hit, falling to a record low against the US dollar. The Sensex and Nifty have also been affected, with the former opening over 3,900 points lower and the latter opening over 1,000 points below.
The Indian government has been criticized for its handling of the economy, with many experts saying that the government’s policies have not done enough to boost economic growth. The government’s decision to withdraw high-denomination currency notes in 2016 is seen as a major factor in the slow growth of the economy. The Goods and Services Tax (GST) has also been criticized for its complexity and the negative impact it has had on small and medium-sized businesses.
The US government’s decision to impose tariffs on imported goods has also been criticized by many experts. The tariffs are seen as a major blow to the global economy, particularly to countries like China which are heavily dependent on exports. The tariffs have also led to a trade war between the US and China, with both countries imposing tariffs on each other’s goods.
The impact of the tariffs on the global economy has been significant. The World Trade Organization (WTO) has warned that the tariffs could lead to a global recession. The International Monetary Fund (IMF) has also warned that the tariffs could have a negative impact on the global economy.
In conclusion, Jairam Ramesh’s criticism of PM Narendra Modi and US President Donald Trump is not unfounded. Both leaders have been criticized for their handling of the economy, with many experts saying that their policies have not done enough to boost economic growth. The tariffs announced by the White House have also been criticized for their negative impact on the global economy. As the global economy continues to face challenges, it is essential that leaders like Modi and Trump take a more nuanced approach to economic policy, one that prioritizes the well-being of their citizens and the global economy as a whole.
News Source:
https://x.com/Jairam_Ramesh/status/1909116322992009326
