Aam Aadmi Party on Wednesday alleged that the Central government is not even acknowledging the economic slowdown in the country.
Commenting on the “crash” in the automobile sector, AAP national spokesperson, Raghav Chadha, said: “We have now officially entered into an economic slowdown. From falling GDP numbers, job loss, to the auto industry on the verge of collapse — the mess is all-pervasive. But is the government willing to even acknowledge the problem?”
Mr. Chadha said that 286 automobile dealerships have been closed in the last 18 months and he said that the negative impact can be seen on tyre, steel, steering and manufacturing industries. “ Around 15,000 people have lost their jobs in the industry over the last three months and that Honda had laid off 700 workers at their manufacturing plant in Haryana,” he said.
Hitting out at the Central government’s 5 trillion dollar economy goal, he said, “Even as government makes claims of taking India to a $5 trillion economy, India slips from 5th place to the 7th in World Bank’s global GDP rankings.”
Talking about the housing sector, he said, “As per the latest numbers, India’s top 30 cities had 1.28 million unsold housing units, witnessing a steep increase from March 2018 figures, revealing that Indians aren’t buying houses at the pace at which they are built.” He said this will have a ripple effect on subsidiary industries such as cement and paint among others.-The Hindu