Fears and warnings of Congress proved true, Chidambaram attacks Modi govt over state of economy

Senior Congress leader P Chidambaram has stepped up the attack on Prime Minister Narendra Modi and Finance Minister Arun Jaitley over the state of economy

Fears and warnings of Congress proved true, Chidambaram attacks Modi govt over state of economy

NEW DELHI: Senior Congress leader P Chidambaram has stepped up the attack on Prime Minister Narendra Modi and Finance Minister Arun Jaitley over the state of economy

"The worst fears of an imminent economic slowdown have come true. Modi Government’s tall claims of India growing at a ‘robust’ growth rate have evaporated in thin air. No amount of sugar coating, false bravado and rhetoric along with headlines management can conceal the stark reality," he said on Saturday.

Chidambaram claimed that the 'fears and warnings' that the Congress party has been speaking about, have been proved true. 

"A decline in economic activity and growth means loss of millions of jobs. New project announcements have declined, fresh investment is low, informal sector is still reeling under the ill effects of demonetisation, job creation is abysmal, exports are plunging, manufacturing sector growth has slowed down, agriculture sector has been hit hard and rural despair is abundant," he added.

Listing out the shortcomings of the Central government, he said that in a "double whammy, retail inflation soared to a 15-month high of 4.88 per cent in November and industrial output slowed to a three month low of 2.2 per cent in October."

He also stated that job creation has been the 'single biggest failure of this BJP government. "How will the promised 2 crore jobs per year be created," he questioned.

Chidambaram's attack comes after Congress President Rahul Gandhi, earlier in day, hit out at the Central government blaming it for the 'losses' that the Indian economy has faced. 

He tweeted: "FM Jaitley’s genius combines with Mr Modi’s Gross Divisive Politics (GDP) to give India:
New Investments: 13 year (low)
Bank credit Growth: 63 year (low)
Job creation: 8 year (low)
Agriculture GVA growth: 1.7% (low)
Fiscal Deficit: 8 year (up)
Stalled Projects (up)."

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