Former finance minister and Congress leader P Chidambaram today yet again trained his gun on the Modi government saying that “Demonetisation was a wrong decision and the government should have the courage to accept it.” The note ban debate has gained momentum again after the former Governor of the Reserve Bank, Raghuram Rajan, spoke on the note ban, a year after he left the central bank. Rajan, while giving interviews in the wake of his new book — I Do What I Do– launch, has said that he feels that the short term cost would outweigh the long term benefits. Chidambaram said what RBI annual report revealed a few days back, he had predicted six months ago. “Finally the RBI report has revealed what I said 6 months ago,” he was quoted as saying by ANI.
Talking about the death of the senior journalist Gauri Lankesh, Chidambaram said that anyone who speaks against the right wing is under threat in India. “Point is ppl speaking against right wing extremist ideology are under threat,” he was quoted saying by ANI.
After the RBI released its data on note ban, the former finance minister had lashed out at the government and the central bank, saying one per cent of the demonetised notes not coming back to the central bank was a “shame on RBI”. He also questioned the intent of the Narendra Modi government asking whether its demonetisation decision was designed to convert black money into white. “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?,” Chidambaram wrote on Twitter. “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize,” he said in a series of tweets.
Chidambaram had also termed sub-6 per cent GDP growth as a “catastrophe” and said slow growth, low investment, and no jobs were markers of the slide in the economy. He said the GDP and GVA figures were more evidence of former prime minister Manmohan Singhs indictment of “monumental mismanagement”. “Our worst fears have come true. Sub-6 percent growth is a catastrophe,” the Congress leader tweeted. “1 pc decline in GDP is a loss of Rs 1.5 lakh crore. 2% decline is a loss of Rs 3 lakh crore (sic),” he posted on Twitter.