Economy is struggling, says former finance minister P Chidambaram

Senior Congress leader P Chidambaram today alleged that Prime Minister Narendra Modi and his ministers are keeping silent about the bleak economic scenario the country is facing.

Economy is struggling, says former finance minister P Chidambaram

Senior Congress leader P Chidambaram today alleged that Prime Minister Narendra Modi and his ministers are keeping silent about the bleak economic scenario the country is facing.

Speaking at a seminar here on the economic situation in the country, organised by the Maharashtra unit of Congress, Chidambaram said that GDP growth is shrinking, investment flow has dried up and no jobs are being created. Not a single bank is ready to give loans to the industry, the former Union finance minister claimed, adding that Modi and his ministers were silent on these issues. He dismissed the NDA government’s claim of creating 70 lakh jobs in four years, and added that many of the persons who were arrested in the recent cases of mob lynchings were jobless.

In Tamil Nadu alone, 57,000 establishments closed down in 2017-18 and five lakh people lost their jobs, he said, blaming demonetisation for the situation. On the other hand, corruption has not ceased even after demonetisation, the Congress leader said.

Chidambaram also said that both he and Pranab Mukherjee had pressed for the Goods and Services Tax (GST) during their respective tenures as finance minister, but the BJP had then opposed the single tax system. Today the saffron party has embraced the GST, he noted.

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