The Modi government was fully responsible for the economic slowdown and was not initiating any corrective measures and was only taking steps on suppl;y side which indicates it was heading for a total failure on economic front and the Finance Minister was a big failure itself, asserted All India Congress Committee (AICC) spokesman Gaurav Vallabh.
The government at the outset should admit the problems and the country is facing as hundreds of companies are facing shutdown, youths are losing existing job and unemployed educated youths are not getting employment opportunities after the farmers now top executives of the corporate world are committing suicides, Vallabh told a press conference, here today.
Vallabh said every seven out of ten youths in the age category of 20 to 24 who are fresh graduate does not find a suitable and thus there is about one crore graduate produced every year. On the skill development front, only 12 percent of them got placement and added the Banking sector was facing the worst of a situation with a rise in NPA.
The Mudra Bank was also a big failure and the loans were not recoverable leading to mounting of NPAs. Coming to Maharashtra Government policies and economic situations, Vallabh said the Punjab Maharashtra Bank (PMC) was the brainchild of people associated with BJP. Without hesitating, Vallabh said Rajneet Singh who is a son of BJP MLA Tara Singh was deeply involved in the irregularities.
The younger Singh is associated with construction firm HDIL which owns aircraft and Yatch for the company directors to travel at the cost of money deposited by the poor people.
There are smaller co-operative Banks and co-operative Societies which had deposits in PMC have also virtually on the collapse, Vallabh added.
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