1. P Chidambaram calls demonetisation a quackery, says opposition was spot-on in predicting losses to economy

P Chidambaram calls demonetisation a quackery, says opposition was spot-on in predicting losses to economy

In a series of tweets, Chidambaram said, "Demonetisation was quackery. After talking to a number of people I had predicted that the cost to the economy would be between 1 and 1.5 per cent."

By: | New Delhi | Updated: June 4, 2017 11:26 AM
P Chidambaram, demonetisation, Chidambaram, demonetisation was quackery, gdp, narendra modi demonetisation, In a series of tweets, Chidambaram said, “Demonetisation was quackery. After talking to a number of people I had predicted that the cost to the economy would be between 1 and 1.5 per cent.”(Source: PTI)

Former Finance Minister P Chidambaram on Sunday slammed Narendra Modi government for its decision to demonetise Rs 1,000 and Rs 500 high-value notes. Chidambaram termed demonetisation as a  quackery, adding, that he was ‘spot-on’ in predicting damages cost to the Indian economy by the decision. In a series of tweets, Chidambaram said, “Demonetisation was quackery. After talking to a number of people I had predicted that the cost to the economy would be between 1 and 1.5 per cent.”

He added that his predictions uncannily matched with the Central Statistics Organization data released on May 31. “The data released by the Central Statistics Organization on May 31, 2017, has proved that the Opposition was spot on. The Indian economy began slowing down in mid-2016 (beginning of Q2); demonetisation made it worse,” Chidambaram added.

“Growth of GVA declined from 7.9 per cent in 2015-16 to 6.6 per cent in 2016-17. Between Q4 of 2015-16 and Q4 of 2016-17, the quarterly growth rate of GVA declined by an astonishing 3.1 per cent,” Chidambaram added.

“Core sector growth which is a truer measure of industrial activity fell from 10.7% in Q4 of 2015-16 to 3.8% in Q4 of 2016-17. The government must get on with the job of reviving the economy by relying on the advice of truly knowledgeable economists,” Chidambaram added.

In a major decline, the data released by the Central Statistics Office (CSO) on Wednesday revealed that gross domestic product (GDP) growth for the January-March quarter slowed to 6.1 per GDP growth stood at a three-year low of 7.1 per cent.  The data further revealed that Indian economy slowed down to 7.1 per cent in 2016-17 due to demonetisation and lost the tag of world’s fastest growing major economy tag to China.

  1. R
    Raj
    Jun 5, 2017 at 6:26 pm
    Tell us all to Indian people what u did with 2g money... if you have the courage having u r son involved u have proved u r no different from a politician pl stop projecting that u r a think tank Everyone knows you have made ur money
    Reply
    1. T
      Tony
      Jun 5, 2017 at 2:40 pm
      OK...Chidambaram is bad. But other than heaping personal abuses, why nobody is giving answers to his statistics. Bhakts can shout loud, but anybody with open eyes could see that it is only the poor suffered. No rich man lost his money, terrorism did not stop and taxes did not come down....
      Reply
      1. R
        Raj
        Jun 5, 2017 at 9:50 pm
        If you know Sir pl give the data. Else if u want to back Mr Chidambaram come with data or logic as well
        Reply
      2. Mohan Kumar
        Jun 5, 2017 at 1:09 pm
        Shame that he's a former finance minister
        Reply
        1. T
          The layman economist
          Jun 5, 2017 at 12:29 pm
          Indeed it is a drain on the Economy and triggered a massive slow down in consumption- thereby shooting down a series of small business and thereafter medium and large. Banks became cash rich, saved themselves from crumb . That cannot undo the lost consumption, s, profits, income to individuals affected. Now GST will trigger the same slowdown given the steep rates. Credit offtake will be lower as a result of excessive caution by banks. Same old vicious circle- slow road to recovery, many small victims of default and helplessness.
          Reply
          1. Pani Kumar Naidu
            Jun 4, 2017 at 9:17 pm
            Its ok we are born to accept and give away our hard earned money. Loot lo.
            Reply
            1. T
              Truth
              Jun 4, 2017 at 9:11 pm
              Your son is a fraud first prove him innocent if truly he his ..then check ur own past record then comment about modi sarkar..not even lay man will support or listen to bull of pappu
              Reply
              1. J
                Jeganathan
                Jun 4, 2017 at 9:09 pm
                Chidambaram is in the forefront against whom criminal action needs be taken and the wealth amassed confiscated. He and his partymen are solely responsible for the penury being experienced by millions of our people.
                Reply
                1. D
                  Dr Navin
                  Jun 4, 2017 at 8:25 pm
                  Chidambaram and Maran brother networth in swiss account will easily exceed $10 billion. in fact dmk karunanidhi possibly is richest barber turned politician in the world. I request IIT students to use data analytics, forensic skills and identify the money trail. Today all uor engineers have virtual networks on social media why don't they use this to solve such serious crimes and see what happens! India will turn into a paradise in no time. And I can then enjoy bes whisky at low cost. Like I used to do in USA for 4 years. please, thank you
                  Reply
                  1. K
                    K P
                    Jun 4, 2017 at 10:24 pm
                    Dr.Naveen must have deposited these amounts in Swiss. That's why he is so confident about it. And what is the use of doctorate when you have only barbers or others and not human beings in your list.
                    Reply
                  2. s s meena
                    Jun 4, 2017 at 5:11 pm
                    Chindambaram speaks with full depth of economic knowledge and in lie with Dr Manmohan sigh's statement in parliament on demonitisation.
                    Reply
                    1. S
                      srinivasulu
                      Jun 4, 2017 at 3:22 pm
                      Demon of concealment nurtured by congress and ociates required a strong dose of antidote like Demonetisation to edge out corruption. I am a small time banker but I had to laugh at the critics for their total naivity on the topic. It is a clear misleading to convert the classes who solely depended on cash transactions. it is just similar to keep our servant savings in cash with us and denying the banking Access. Supposing she learns banking then the benefits are humanguous and the w dalit issue can be resolved in three years time. But will the opposition low the dalits to come up in economic status.
                      Reply
                      1. S
                        S prakash reddy
                        Jun 4, 2017 at 2:02 pm
                        If at all there is any damage to the economy due to demonetization, it might only be a fraction of the loss caused to country by all the scams that were done in the ten years of congress rule and Mr. Chidambaram as finance minister for most part, allowed to perpetuate the scams. What has been his share? Demonetization has been a good move. Even today we read reports that hundreds of crores of old notes are found. All that is black money, earned by back door methods. And there is no loss if it is lost. Let people be ready to honestly earn and honestly pay taxes. People includes the politicians and business men.
                        Reply
                        1. S
                          srinivasulu
                          Jun 4, 2017 at 3:25 pm
                          To Reddy Garu. Hundred percent correct. Whom do they want to cheat further . Looted the country for seventy years with no visible improvement in urban areas except Garbage.
                          Reply
                        2. NPS MASTER
                          Jun 4, 2017 at 1:15 pm
                          The crook chitammbaran who destro Indian Banking and economy by directing Bankers to give loans to similar crooks for buying spectrum and coal at cheap prices and which became Non performing NPAs after Supreme Court cancelled the license allotments.
                          Reply
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