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Wednesday, July 18, 2018

Modi govt’s claims of robust growth have ‘evaporated’ in thin air: P Chidambaram on GDP estimate

Chidambaram also said the recent social discontent can be a direct manifestation of the economic slowdown. 

By: Express Web Desk | New Delhi | Updated: January 6, 2018 2:19:12 pm
Former finance minister P Chidambaram during at a press conference at AICC . (Express Photo/Amit Mehra/File)

A day after the government pegged GDP growth at 6.5 per cent in 2017-18, former finance minister P Chidambaram on Saturday targeted the Narendra Modi-led government for its tall claims of robust growth, saying it has “evaporated” in thin air. The senior Congress leader said that “no amount of sugar coating and false bravado can conceal the stark reality.”

“The worst fears of an imminent economic slowdown have come true. The Modi government’s tall claims of India growing at a robust growth rate have evaporated in thin air,” Chidambaram said. “No amount of sugar coating and false bravado can conceal the stark reality,” he added. Chidambaram also said the recent social discontent can be a direct manifestation of the economic slowdown.

Congress’ Anand Sharma reacted to the forecast as well. He said, “State of the economy is a matter of great concern. All the parameters are going down. National investment rate has also fallen,” reported news agency ANI.

Earlier today, Congress president Rahul Gandhi mocked the government saying ‘Jaitley’s genius combines with Modi’s Gross Divisive Politics’ for the poor GDP estimate. Rahul had taken to Twitter to voice his opinion. Also Read: Rahul mocks govt: ‘Jaitley’s genius combines with Modi’s Gross Divisive Politics’ for poor GDP performance

On Friday, the Central Statistics Office (CSO) estimated the country’s GDP growth at 6.5 per cent during 2017-18 — a four year low. In the previous financial year, GPD growth was pegged at 7.1 per cent. It attributed the dip to a slowdown in agricultural and manufacturing output.

Chidambaram had targeted the govenment on Friday as well in a series of tweets. He had said, “Our fears and warnings have proved true. GDP growth in 2015-16, 2016-17 and 2017-18 (est) is 8.0, 7.1 and 6.5. These numbers prove there is a slowdown. Will government continue to claim that India’s growth rate is robust?

“In a slowdown, how will jobs be created? And how will the promised 2 crore jobs per year be created? It is time government stops making tall claims and bends down to do solid work,” the former finance minister had said.

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