Former Finance Minister P. Chidambaram Says Modi Government failed To Deliver Double-Digit Growth

| December 1 , 2018 , 19:37 IST

Former Finance Minister P. Chidambaram on Saturday revealed that Modi government has failed to deliver on its promise of a double-digit growth in the last 4 years and will not manage it even in the remaining six months of their term.  

Speaking to media in Jaipur, Chidambaram said, "This government promised a double-digit growth rate. However, they have not achieved that growth rate in any of the four years. And they will not achieve it in the last year too."

The senior Congress leader further said there was a sense of crisis in every sector, be it banking, industry, construction or the real estate.

The former finance minister also termed demonetisation as the biggest scandal of the country addressing that Congress will conduct an in-depth probe if it forms its government at the Centre.

ALSO READ: Pain And Suffering From Demonetisation Worse Than Natural Calamity: P Chidambaram

Chidambaram also said, "The tall claims made by the BJP government for bringing demonetisation has failed on all fronts," he said, adding that instead, it has claimed several lives. Further, many small businesses were closed down following this initiative. Once our government comes, we will start a thorough investigation and will also bring change in the GST structure."

Talking on the former economic advisor Arvind Subramanian, he said that even he has agreed that GST and demonetisation reduced the growth rate.

When asked on the present scenario, he said bigger companies are turning bankrupt in a larger number. Many projects are yet to see the light of day, several accounts have turned NPA. "Eventually banks have been asked to set a limit for granting loans to business entities which yet again portrays a further danger for our economy," he added.