Job creation remains the biggest failure of BJP Govt:Chidambaram

mangaloretoday News Network

New Delhi, Jan 06, 2018 : Even as the Narendra Modi government is smarting under the GDP growth estimates released by the Central Statistics Office (CSO) yesterday, former Union Finance Minister P Chidambaram has said that the latest figures prove "economic slowdown".

 

A day after the CSO released GDP growth estimates data, Chidambaram said, The worst fears of an imminent economic slowdown have come true. Modi government’s tall claims of India growing at a ’robust’ growth rate have evaporated in thin air."

"No amount of sugar coating, false bravado and rhetoric along with headlines management can conceal the stark reality," the former finance minister said in a statement, adding that the "GDP growth in 2015-16, 2016-17 and 2017-18 (est) is 8.0, 7.1 and 6.5. These numbers prove there is a slowdown."

Chidambaram also said that the decline in economic activity and growth means loss of millions of jobs.

"New project announcements have declined, fresh investment is low, informal sector is still reeling under the ill effects of demonetisation, job creation is abysmal, exports are plunging, manufacturing sector growth has slowed down, agriculture sector has been hit hard and rural despair is abundant," he said.

Listing out 10 grim findings from the CSO release, Chidambaram slammed the Modi government saying that the recent social discontent could be "a direct manifestation of this economic slowdown, which the government was conveniently hiding. It is time government stops making tall claims and bends down to do solid work."

The former finance minister further said that in a double whammy, retail inflation soared to a 15-month high of 4.88 per cent in November and industrial output slowed to a three-month low of 2.2 per cent in October.

"Job creation remains the single biggest failure of this BJP government. In a slowdown, how will jobs be created? And how will the promised 2 crore jobs per year be created," questioned Chidambaram.

Earlier, Congress president Rahul Gandhi had taken a swipe at the Modi government with a new acronym for GDP as "gross divisive politics".




courtesy:Yahoo