9 successive quarters of economic decline and an impending recession: Chidambaram attacks NDA govt

By: |
July 17, 2020 5:10 PM

Chidambaram was the union finance minister from May 2004 to November 2008 and again from August 2012 to May 2014.

Chidambaram was the union finance minister from May 2004 to November 2008 and again from August 2012 to May 2014.

Senior Congress leader P Chidambaram Friday attacked the NDA government over its handling of the economy, alleging the BJP-led dispensation has caused nine successive quarters of economic decline and an impending recession in 2020-21.  “Those who scoff at the UPA’s record must know that economists are laughing at their ignorance and ineptitude,” the former finance minister wrote on Twitter.

He asked as to what the NDA government has done since 2015. “Only caused a decline in economic growth for 9 successive quarters and an impending recession in 2020-21. The Rajya Sabha MP claimed that the Oxford Poverty and Human Development Initiative (OPHI) Study finds that 270 million Indians were lifted out of poverty during 2005-2015.

This, he said, was the period of UPA-1 and UPA-2, which he described as the “golden period” of India’s economic growth. The UPA ruled the country from 2004-14.  Chidambaram was the union finance minister from May 2004 to November 2008 and again from August 2012 to May 2014.  Chidambaram has been attacking the government over its handling of the economy which he alleged has taken a downturn during the NDA regime.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1No more happy hours! High Corona tax backfires, liquor sales halved in last 5 months
2GST: Tax fraud worth Rs 50 crore detected, Ahmedabad student arrested for registering fake firms
3Special GST window: Centre borrows Rs 6,000 cr and releases to 16 states, 2 UTs