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  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.

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