The Congress party has sharply criticised Prime Minister Narendra Modi's policies, accusing them of severely damaging India's Micro, Small, and Medium Enterprises (MSMEs). In a recent statement, Congress spokesperson Gourav Vallabh described the government's actions as a "systematic bludgeoning" of the MSME sector, leading to what he termed an economic catastrophe.
Vallabh highlighted several key areas where he believes the government has failed. He pointed to the implementation of the Goods and Services Tax (GST) and demonetization as two major policy missteps that have had long-lasting negative impacts on small businesses. According to Vallabh, these policies disrupted the operations of countless MSMEs, resulting in widespread closures and job losses.
The Congress spokesperson also criticised the handling of the COVID-19 pandemic, arguing that the lack of adequate support for MSMEs during lockdowns exacerbated their struggles. He claimed that many businesses were left to fend for themselves without sufficient financial aid or policy support, leading to further economic distress in the sector.
In addition to these critiques, Vallabh underscored the importance of the MSME sector to India's economy. He emphasised that MSMEs are a crucial source of employment and innovation, and their decline has significant repercussions for economic growth and stability.
The Congress party has called for immediate remedial measures to support and revive the MSME sector. Vallabh urged the government to provide targeted financial assistance, ease regulatory burdens, and ensure better implementation of supportive policies to help MSMEs recover and thrive.
