Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  If govt doesn't infuse cash, crony capitalists will own India: Rahul Gandhi
BackBack

If govt doesn't infuse cash, crony capitalists will own India: Rahul Gandhi

If govt doesn't inject cash to start economy, the Congress leader says 'the poor will be decimated, the middle class will be the new poor'

Congress leader Rahul Gandhi (Photo: ANI)Premium
Congress leader Rahul Gandhi (Photo: ANI)

New Delhi: With India making efforts to contain the economic cost of the COVID-19 pandemic, Congress leader Rahul Gandhi warned on Saturday that if the government doesn't infuse cash into the economy, "the poor will be decimated, the middle class will be the new poor and crony capitalists will own the country".

He cited a news report about the plight of retrenched workers of a private company, who were staring at a long battle ahead.

Gandhi has asked the government to provide 10,000 cash in the hands of each poor family immediately and provide them with 7,500 every month for the next six months for them to survive effects of the lockdown.

He has also called for a financial stimulus package for the small and medium industries.

"If Government of India doesn't inject cash to start the economy now: The poor will be decimated. The middle class will become the new poor. Crony capitalists will own the entire country," Gandhi said on Twitter on Saturday.

The Congress leader has been asking the government to provide cash in the hands of the people and to the small industries, to enable them to restart the economy, which has suffered a setback due to the coronavirus-induced lockdown.

The government has also held back the release of complete data of index of industrial production (IIP) for April, saying it is not appropriate to compare the IIP data with earlier months due to COVID-19 lockdown. PTI SKC NSD

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 13 Jun 2020, 08:31 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App