Asaduddin Owaisi sarcastically took a jibe at Prime Minister Modi over the country's deteriorating economic status. The AIMIM chief mocked the BJP's 'Modi hai to Mumkin Hai' (People know if Modi is there everything is possible) election slogan, in response to the recent economic report suggesting an economic slowdown.
The International Monetary Funday (IMF) on Monday said that India is the "biggest contributor" to the downward revision in growth projections. The IMF report stated that the sharp slowdown in India is a drag on the world's economy. In a tweet, Owaisi pointing to the economic crisis said, "Mashallah, Modi hai to har Namumkin Mumkin hai." (With Modi, even the impossible is possible) The slogan was coined by the party in the 2019 Lok Sabha polls.
The IMF on Monday lowered India's growth estimate to 4.8% in 2019. In a humiliating set-back, the projected estimate for 2020 was lowered by 1.2%. Additionally, the IMF also trimmed its global forecast for 2020. "For emerging market and developing economies, we forecast a pickup in growth from 3.7 percent in 2019 to 4.4 percent in 2020 and 4.6 percent in 2021, a downward revision of 0.2 percent for all years. The biggest contributor to the revision is India, where growth slowed sharply owing to stress in the non-bank financial sector and weak rural income growth," the IMF said
The IMF report added, "The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years." It said that the domestic demand in India "has slowed more sharply than expected" due to the stress in the country's financial sector and lower credit growth. Through this updated world economic outlook, Washington-based global money lender has projected a modest recovery for the global growth to increase from 2.9% in 2019 to 3.3% in 2020 and 3.4% in 2021.
(With agency inputs)