Cong MP Hooda slams govt over 'record faultlines' in economy

New Delhi, Dec 12 (PTI) Congress MP Deepender Singh Hooda on Friday alleged that the economy under the current administration has accumulated "record after record, all in the wrong direction" and claimed there are "record faultlines" in the economy.

He listed concerns over the rupee's performance, rising inequality, soaring debt and the shrinking space for competition across key sectors.

During a discussion on the Supplementary Demands for Grants, Hooda, the Lok Sabha MP from Rohtak in Haryana, said the value of the Indian rupee had deteriorated to its "weakest level in 75 years" and criticised the finance ministry's defence of the depreciation.

"I read your statement, finance minister, where you said the rupee has not fallen; it is the dollar that has gone up. This is like saying two wrestlers fought and the father of the one who lost claims his son didn't lose; the other one was simply stronger," he said, adding that the rupee had become the "worst-performing currency in Asia".

He also pointed to the widening current account deficit, saying the country had hit a 78-year record.

"In October this year alone, the current account deficit touched 41.7 billion dollars. This is a historic high," he said.

Citing a recently published report, Hooda argued that economic inequality had surged to unprecedented levels. "One per cent of the richest citizens now hold 40 per cent of the country's wealth and 65 per cent of national income. This is not just a 78-year record... this is a 100-year record," he said.

He further claimed that while the government had written off Rs 16 lakh crore in the past decade, these were "corporate write-offs" whereas during the UPA government, "we waived Rs 78,000 crore of farmers' loans".

Hooda accused the government of fostering monopolies and duopolies in major industries, saying such concentration of power was "never seen before in India". In aviation, he said, "Sixty-five per cent of the market is with IndiGo and 26 per cent with Air India and if both decide fares together, passengers have no choice." He made similar arguments about the telecom sector, where he noted that only two companies now account for 80 per cent of the market.

"In America, there are laws against monopolies and duopolies. In our country, nothing," he said, alleging that the media space too was dominated by two corporate groups.

On unemployment trends, Hooda said the pattern had reversed in the past three years, with people moving back to agriculture instead of entering manufacturing.

He also flagged what he said was an unprecedented rise in public debt.

"Never before have we seen debt at this level for states and the Centre combined," he argued, questioning the government's borrowing during election season.

He added pollution as yet another "record" and said the overall economy showed "deep fault lines".

"The government is borrowing for public spending, but (is) choosing optics over outcomes," he said, adding that the slogans should shift from "Start-up India to Shut-down India, Make in India to Made for India".

Hooda also criticised the defence sector allocations and the Agniveer scheme, claiming it had caused "significant damage". He alleged that funds under the Khelo India programme were disproportionately routed to Gujarat, while Haryana, "which produces the maximum athletes", received a "meagre budget".

At this point, Union minister Kiren Rijiju intervened, saying, "Don't drag athletes into politics." PTI UZM UZM KSS KSS