Home / Business / P Chidambaram in a series of tweets slams government for the slide in GDP

P Chidambaram in a series of tweets slams government for the slide in GDP

Picture Courtesy : Zee News
Picture Courtesy : Zee News

The Former finance minister and senior Congress leader P Chidambaram in a scathing attack has termed the sub-6 per cent GDP growth as a “catastrophe” and said slow growth, low investment and no jobs were markers of the slide in economy.

He said the GDP and GVA figures were more evidence of former prime minister Manmohan Singh’s indictment of “monumental mismanagement”.

“Our worst fears have come true. Sub-6 percent growth is a catastrophe,” the Congress leader tweeted.
“1 pc decline in GDP is a loss of Rs 1.5 lakh crore. 2% decline is a loss of Rs 3 lakh crore (sic),” he posted on Twitter.

Chidambaram took to Twitter and wrote: “The slide in economy continues. Slow growth, low investment and no jobs. An explosive cocktail.”

He also added, “GDP and GVA figures are more evidence of Dr Manmohan Singh’s indictment of ‘monumental mismanagement.” 1 per cent decline in GDP is a loss of Rs 1.5 lakh crore and 2 per cent decline is a loss of Rs 3 lakh crore, he explained.

Chidambaram comments came in the wake of GDP figures released by the Central Statistics Office (CSO) for the first quarter (April-June) of financial year 2017-18.

India’s GDP grew slower at 5.7 per cent during April-June — the lowest in three years of the Modi government while lagging China for the second straight quarter — as manufacturing slowed ahead of the GST launch and note ban impact lingered, said PTI.

Also, on Wednesday, Chidambaram used the Reserve Bank of India (RBI) figures to attack the Bharatiya Janata Party (BJP) government, saying one per cent of the demonetised notes not coming back to the central bank was a ‘shame on RBI’.

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