New Delhi, August 26
Congress chief Rahul Gandhi on Wednesday attacked the federal government over the state of the financial system and mentioned it wants to offer cash to the poor to restart the financial system by way of consumption.
RBI has now confirmed what I’ve been warning for months.
Spend extra, not lend extra.
Give cash to the poor, not tax cuts to industrialists.
Restart financial system by consumption.
Distractions by way of media will not assist the poor or make the financial catastrophe disappear. pic.twitter.com/OTDHPNvnbx
— Rahul Gandhi (@RahulGandhi) August 26, 2020
Gandhi mentioned “distractions” by way of media will not assist the poor or make the “economic disaster disappear”.
His assault on the federal government got here after the Reserve Bank of India (RBI) mentioned on Tuesday that demand within the financial system will take fairly a while to fix and that an evaluation of mixture demand in the course of the 12 months to date means that the shock to consumption is extreme.
“RBI has now confirmed what I have been warning for months. Govt needs to: spend more, not lend more,” Gandhi mentioned.
“Give money to the poor, not tax cuts to industrialists. Restart economy by consumption,” the previous Congress chief tweeted.
In its newest annual report, the RBI mentioned “deep-seats and wide-ranging” reforms are wanted to regain losses and return to the trail of sustainable financial progress. –PTI