• Thursday, February 02, 2023

Business

BJP Government Pushed India Into Financial Emergency: Opposition

In another tweet, the Congress spokesperson also pointed out to the rising number of bank frauds. “‘Loot & Scoot’ in ‘New India’ as a complicit BJP govt looks the other way and common man is taxed!” he said (Photo: INDRANIL MUKHERJEE/AFP/Getty Images).

By: Radhakrishna NS

THE Congress on Friday (30) accused the BJP government of forcefully taking Rs 1.76 trillion from the RBI to hide a “grave” economic slowdown and claimed that it had pushed the country into a “financial emergency”.

The Reserve Bank of India had on Monday approved the transfer of a record Rs 1.76 trillion dividend and surplus reserves to the government, boosting the BJP-led regime’s prospect of stimulating the slowing economy without widening fiscal deficit.

“RBI’s emergency fund is at a six-year low as the BJP government has forcefully taken Rs 1.76 trillion from the RBI to hide its failures and grave economic slowdown,” Congress chief spokesperson Randeep Surjewala tweeted, tagging a media report on the central bank’s emergency fund.

“The BJP government has pushed the country into a financial emergency,” he said.

In another tweet, the Congress spokesperson also pointed out to the rising number of bank frauds.

“‘Loot & Scoot’ in ‘New India’ as a complicit BJP govt looks the other way and common man is taxed!” he said.

According to the RBI annual report, the number of cases of frauds reported by banks saw a jump of 15 per cent year-on-year basis in 2018-19, with the amount involved increasing by 73.8 per cent to Rs 715.43 billion from Rs 411.67bn reported in the previous fiscal.

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