Index of industrial production slumps: Lok Gathbandhan Party

Urban Mirror Correspondent
Lucknow March 14: The Lok Gathbandhan Party (LGP) said today that not only the farm sector but industrial production has been facing worst crisis in the country. The LGP said recent report of index of industrial production (IIP) for January 2019 has indicated that factory output growth was just 1.7%.

The spokesman of the party said here on Thursday that IIP growth did not do well even in November (0.3%) and December (2.6%) as well. The spokesman said though the NDA government in the run up to the general election has been desperately trying to present a rosy picture of industrial production by showing overall questionable data of economic growth, the situation at the grassroots level is altogether different and the working class is worst sufferer. Pointing out that deceleration in economic growth, including industrial production has become major political issue, the spokesman said the NDA government can no longer mislead the vigilant people for political gains. The spokesman said the slowdown in the non-farm economy has come on the back of crisis in farm sector, where farmers income has been facing major squeeze due to worsening trade as the prices of agriculture products are going up at a much slower pace than that of non-agriculture products. The spokesman said this has placed the farmers in a difficult financial position. The spokesman expressed concern that the price index of food items such as vegetables, pulses and sugar have gone down during the last one year as compared to 2017-18.

Similarly the industrial sector has also landed in crisis starting from November 2016 demonetization of high value currency and lopsided implementation of Goods and Services Tax (GST) in July 2017. Asserting that adverse impact of these two ill-conceived decisions of the NDA government are still going on, the spokesman said even several corrective measures have failed to improve the situation. The Lok Gathbandhan Party has thus called upon the people to assess the five-year performance of the NDA government on the basis of its economic performance and not sway away by the emotive slogans. The spokesman also reminded the people that the NDA has failed in honest and transparent governance as promised in 2014 election.

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