Economic survey shows underperforming economy: Congress

New Delhi, Feb 26 (IANS) The Congress on Friday said that the government failed to meet disinvestment targets, noting that the Economic Survey showed a dramatic fall in both exports and imports and an underperforming economy in 2015-16.

"The Economic Survey released today (Friday) attempts to portray the Indian economy as one of glowing promise and rosy health. Unfortunately, the true story that emerges is of an underperforming economy, mismanaged by the BJP-led NDA government, but bailed out, profiteering from falling crude oil prices," said COngress spokesperson Randeep Singh Surjewala

"The survey points out that the government is relieved that it has met its fiscal deficit target of 3.9 percent. But the survey reveals that the government has missed its disinvestment targets by a mile," he added.

The Congress also blamed the government for rural distress in the country.

"Rural India is paying a heavy price for the government’s mismanagement. Instead of addressing the concerns of the rural economy in distress, the Economic Survey seeks to tax the already burdened and debt-ridden poor Indian farmer," said Surjewala.

"On the trade front, the Economic Survey shows a dramatic fall in both exports and imports. It blames external factors and a sluggish world economy," he said, noting that tax revenue figures say indirect taxes grew by 34.8 percent but cited multiple hikes in excise duties imposed by the government as oil prices fell from around $120 per barrel in May 2014 to below $30 now.

"Indirect taxes are fundamentally regressive and hurt the poor more. This government has worked to meet its fiscal deficit targets by squeezing the poor.

"The government feels safe hiding behind deceptive figures such as WPI-based food inflation at 2.2 percent. Yet it completely ignores the spurt in the prices of pulses and other essential commodities that have hugely impacted the poor. The survey shows how the price of pulses have been high and beyond the reach of the common man. Nutrition and health of the poor consequently suffer," said Surjewala.