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Rediff.com  » Business » UPA pushing India to brink: Modi on S&P report

UPA pushing India to brink: Modi on S&P report

Last updated on: June 12, 2012 17:37 IST

UPA pushing India to brink: Modi on S&P report

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Taking on the United Progressive Alliance government over Standard and Poor's threat to downgrade India's ranking, Gujarat Chief Minister Narendra Modi said on Tuesday the government is pushing the country 'to the brink'.

"Congress-led UPA's toxic combination of poor economic decisions, lack of reforms and political roadblocks is pushing India to the brink", Modi said.

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Image: Narendra Modi.
Photographs: Rediff Archives

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UPA pushing India to brink: Modi on S&P report

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Standard and Poor's in its report released on Monday 'Will India Be The First BRIC Fallen Angel?' said: "Slowing GDP growth and political roadblocks to economic policy making could put India at risk of losing its investment grade rating".

"UPA government has given a nine-year low GDP growth in a quarter. With monsoons deficient till now, where are we heading toward as a nation?" Modi twitted on the social networking site.

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Image: A man speaks on the phone outside his shanty in front of an Indian national flag in Dharavi.
Photographs: Danish Siddiqui/Reuters.
Tags: UPA , BRIC , GDP , India

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UPA pushing India to brink: Modi on S&P report

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Taking a dig at Prime Minister Manmohan Singh and Congress president Sonia Gandhi, Modi went on the tweet, "S&P says division of roles between "powerful" Cong president and 'appointed' PM has weakened policy making framework and caused political vacuum".

The S&P report had said: "Moreover, paramount political power rests with the leader of the Congress party, Sonia Gandhi, who holds no Cabinet position, while the government is led by an unelected Prime Minister Manmohan Singh, who lacks a political base of his own".

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Image: Narendra Modi.
Photographs: Reuters

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UPA pushing India to brink: Modi on S&P report

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He also mocked the rejection of the S&P report by Finance Minister Pranab Mukherjee.

"UPA's outright rejection of S&P's blunt assessment of India's economic reality does not really come as a surprise", Modi said.

Standard and Poor's had lowered India's rating outlook to 'negative' from 'stable' in April this year.

 


Photographs: Reuters

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