Daijiworld Media Network - New Delhi (SHP)
New Delhi, Aug 31: On Saturday, one of BJP's own, Subramanian Swamy stated that India considering the current economic situation, India needs to implement a new economic policy or else drop the idea of the 5 trillion dollar dream.
Swamy made the statement after GDP dropped to 5 per cent for the first quarter of FY 2019-20, termed as the lowest in the past six years.
Swamy tweeted regarding the economic crisis and said, 'Get ready to say goodbye to Rs 5 trillion if no new economic policy is forthcoming. Neither boldness alone nor knowledge alone can save the economy from a crash. It needs both. Today we have neither'.
As per experts, recent bank mergers done will also fail to revive the economy if no focus is placed on increasing investments.
The current slump in the economy has jolted several industries, due to weak consumer demand and lack of investments. A major blow was observed in the automobile sector, where several production units closed owing to 'no production days'.
Chief Economic Adviser, K V Subramanian on Friday said, "The slowdown in growth is due to endogenous and exogenous factors." Further, he expressed confidence that the country would be on a high-growth path 'very soon'.
On Friday, Finance Minister, Nirmala Sitharaman declared that 10 public sector banks would be merged into four, to bring down the number of state-run lenders to 12 from 27 in 2017.
Besides this, the minister had announced a slew of measures last week, including steps to increase liquidity in the critical NBFC sector.