New monetary policy not in interest of small scale industries: Mann

Tribune News Service

Jalandhar, August 19

Assailing PM Narendra Modi-led NDA government for framing the policies to benefit big corporate houses, Chairman of Punjab Agro Industries Corporation and former Punjab minister Joginder Singh Mann today said the new monetary policy of the RBI was aimed at benefitting the big industrial houses rather than giving reprieve to the needy.

In a statement issued here today, the Chairman of Punjab Agro Industries said though due to the Covid-19 pandemic, the medium and small scale industry was on crossroads, no thrust had been laid to safeguard their interests in the monetary policy unveiled on August 5. He said protection of these industries was the need of hour to ensure that the economy was back on track but unfortunately, the policy has failed to fulfill the purpose. Mann said this would prove fatal for the country in general and the medium and small enterprises in particular.

Former Punjab minister said the Modi government was hell bent upon breaking the backbone of the small and medium scale industry which would be detrimental for the economy. He said this sector should have been given much needed push to put the economy of high growth trajectory but the Modi government had completely ignored them. Mann said the country needed a visionary Prime Minister like Dr Manmohan Singh who had steered the country’s economy during the great economic depression.

The Chairman of Punjab Agro Industries Corporation said on the contrary, today India’s economy was in a shambles due to wrong and pro-rich policies of the Modi government. He said ignoring the small and medium scale industries at the cost of saving big industrial houses would further widen the gap between rich and poor, thereby leading the country towards anarchy.