The first is investment to GDP ratio, the second is credit growth and the third is the number of jobs that were created.
P Chidambaram says the economic growth will further decline if the government does not take corrective measures.
The CBI has filed an FIR against Karti Chidambaram alleging that he had accepted bribe from the INX Media, owned by Indrani and Peter Mukerjea, to help them evade a tax probe when P Chidambaram was finance minister.
The former finance minister said it was “preposterous” to suggest that any member of his family could influence six secretaries of the central government who were part of the FIPB.
One company official who received the summons told The Indian Express that the company has already appeared before the ED but has been unable to give details of what services these two firms — ASCPL and Chess — offered.
The Congress said “revenge has become the DNA of the BJP government”, but none of its leaders or those in the opposition would be deterred out of “fear of the politics of revenge and vendetta.”
The CBI has alleged that the INX Media’s FDI proposal was “deceitful and fallacious” but was approved by then Finance Minister P Chidambaram.
Arun Jaitley said the CBI don’t act unless there is a ‘substantial basis and a reason to suspect’ that there is a tax evasion or a crime has been committed.
“Have set process of investigation in motion. All people whose involvement comes forth, will be investigated,” added CBI.
P Chidambaram released a statement alleging that the central government was targeting Karti and him while also trying to silence his voice and prevent him from writing.
The CBI has alleged that Karti was engaged by INX media “by virtue of his relationship with the then Finance Minister P. Chidambaram”.
The CBI raids were conducted at residences of Chidambaram, his son Karti in connection with alleged misconduct in the grant of Foreign Investment Promotion Board (FIPB) approval for INX Media.
CBI raid at P Chidambaram’s residence: Raids are reportedly in connection with clearances given to INX Media.
“Now I don’t know what more disruptive and reckless measures are there in the armoury,” said Chidambaram.
“Indian economy is not in good shape is now obvious. The IMF has projected that the growth rate of India this current fiscal year will not be 7.6 per cent but 6.6 percent. Several other agencies have made similar projections,” said Singh.