P Chidambaram terms slide in economy an explosive cocktail after GDP growth slides to 5.7 pct

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Published: August 31, 2017 10:51:55 PM

Chidambaram's comments came in the wake of GDP figures released by the Central Statistics Office (CSO) for the first quarter (April-June) of financial year 2017-18.

P Chidambaram, P Chidambaram on GDP, P Chidambaram attacks PM Modi, P Chidambaram on Narendra Modi, P Chidambaram tweets, P Chidambaram on demonetisation, P Chidambaram on note ban, P Chidambaram on BJP, P Chidambaram on central government, GVA figures, Central Statistics Office, Modi government, Arun JaitleyChidambaram’s comments came in the wake of GDP figures released by the Central Statistics Office (CSO) for the first quarter (April-June) of financial year 2017-18. (Image: PTI)

Former finance minister and senior Congress leader P Chidambaram on Thursday took pot shots at the Narendra Modi-led Central government for the decline in the Gross Domestic Product (GDP). Chidambaram took to Twitter and wrote: “The slide in economy continues. Slow growth, low investment and no jobs. An explosive cocktail.” He also added, “GDP and GVA figures are more evidence of Dr Manmohan Singh’s indictment of ‘monumental mismanagement.” 1 per cent decline in GDP is a loss of Rs 1.5 lakh crore and 2 per cent decline is a loss of Rs 3 lakh crore, he explained. Chidambaram comments came in the wake of GDP figures released by the Central Statistics Office (CSO) for the first quarter (April-June) of financial year 2017-18.

India’s GDP grew slower at 5.7 per cent during April-June — the lowest in three years of the Modi government while lagging China for the second straight quarter — as manufacturing slowed ahead of the GST launch and note ban impact lingered, said PTI.

Also, on Wednesday, Chidambaram used the Reserve Bank of India (RBI) figures to attack the Bharatiya Janata Party (BJP) government, saying one per cent of the demonetised notes not coming back to the central bank was a ‘shame on RBI’.

The former Finance Minister also questioned the PM Modi government and asked whether the demonetisation drive was designed to convert black money into white. Even the Congress alleged that the ruling party utterly failed and 104 innocent lives were lost during the exercise. They also demanded an apology from the prime minister.

“99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?” Mr Chidambaram tweeted yesterday. “The government has changed the goalposts more times than they can count,” Chidambaram, told Reuters.

Finance minister Arun Jaitley in his statement to media had said that the GDP data throws up challenges for economy but assured that government will improve and revive growth figures.

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