PM Modi's systematic bludgeoning of MSMEs economic catastrophe: Congress

The Congress on Wednesday accused the government of "systematically bludgeoning" India's MSMEs and claimed that 140 crore Indians are now paying the economic consequences of Prime Minister Narendra Modi's "cronyism, arbitrary policy-making, and refusal to engage constructively on issues".

Congress general secretary Jairam Ramesh cited a new report by credit ratings firm India Ratings to claim that the three shocks of demonetisation, "botched roll-out of GST" and imposition of a nationwide lockdown without prior notice have been devastating for the economy.

The India Ratings report has confirmed what the Congress has repeatedly warned --"the non-biological Prime Minister's systematic bludgeoning of India's MSMEs and informal businesses has been an economic catastrophe", Ramesh said.

"Three shocks in particular have been devastating. The non-biological PM's surprise announcement of demonetisation on 8th November 2016, which virtually halted all economic activity for the following ...