all is well with the economy but now official gdp figures prove beyond doubt that alleconomy is in the well shergill said the bjp should apologise and declare a national emergency he said and accused the centre of destroying the credibility of the economy and the banking system shergill demanded it should declare the names of wilful defaulters along with the details of their nonperforming assets npas the congress demands that a financial emergency should be declared in the country he told a press conference here earlier we reiterate that the bjp government release a white paper on the shrinking economy and rising frauds shergill said his party colleague and spokesperson rpn singh said growth rate is falling continuously but the government has no answers if the gst was implemented properly such a situation would not have arisen singh said this government seems to be diverting issues there is a need to declare an economic emergency in the country we are going down so fast and the government has no clue he said congress spokesperson gaurav vallabh said it is getting clearer by the day that the country is heading towards a major recessionary phase this is a classic case of recession under expansionary trends as whenever there are three continuous quarters of growth recession reduction in growth quarteronquarter the chances of slipping into a fullblown recession are significantly higher he said vallabh said once the june 2019 quarter numbers are announced it will be clear that india is witnessing a reduction in growth for five consecutive quarters the problems this phenomenon has put forth are natural recovery did not occur and the country had to solely rely on monetary policy actions while the shortterm stimulus remained shortterm and only helped in assuaging wounds he said shergill said the bjp should come out of campaign mode and take a corrective mode to save the economy the rbi has redflagged that the economy is sinking he claimed sinking economy shrinking savings closing businesses evaporating jobs is a sad state of indian economy but the bjp is refusing to acknowledge that shergill said the bjp dispensation is behaving like a thickskinned government completely insensitive and aloof shergill said