There is economic regression, situation akin to ‘financial emergency’: Congress

NEW DELHI: The Congress on Sunday expressed concern over what it called the “slowdown” of economy and said the country is facing a situation like that of a “financial emergency”.nnCongress spokesperson Abhishek Singhvi accused the BJP of diverting the people’s attention from its failures.nnExpressing concern over the economic slowdown, Singhvi said the situation is like that of a “financial emergency”.nnHe raised the issue of slowdown in automobile sector.nnThe trend of the slowdown in the automobile industry did not come all of a sudden. The 31 per cent fall in sales is also the ninth straight drop in monthly passenger vehicle sales, Singhvi said.nn”Sales have fallen in 12 out of 13 months since July 2018, underscoring the sharp slowdown in the world’s fourth largest automobile market,” Singhvi said at a press conference.nnHe also raised the issues of crashing stock exchange and rising fiscal deficit.nnThe other issues he raised are falling GDP figures, shrinking labour force, recession in real estate sector, continuous weakening of rupee, and falling foreign direct investment and foreign portfolio investment.nnCriticising the Narendra Modi government, he said, “Ironically, if one looks at between Modi 1 (government) beginning and Modi 2, he or she shall figure that has been a regression in progress.”nnSource: Press Trust of India