New Delhi | Former Finance Minister and Congress leader P Chidambaram on Monday quoted RBI’s recent survey stating that 48% feel that the economic situation of the country has worsened.
Addressing the press conference, Chidambaram said that the “Inflation is on the rise and no more proof is necessary than the hike in repo rate.”
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Attacking the policies of the PM Modi’s government, the Congress leader said “Several countries in Europe have had reasonably good growth. Government’s administrative incompetence is the reason for the failure of an economy.” “Tamil Nadu government has acknowledged that 50000 SME units have been shut down,” he added.
While raising questions on the farmer’s situation in the nation, Congress questioned that the GVA(Gross Value Added) in the farm sector is far below the GVA of the whole economy. Farm wages have been constant for the last four years. At this rate, it will take 14 years to double farm income. “Crop insurance covers barely 30% of the farmers,” added Congress.
Chidambaram further said that the Banks Board Bureau was an utter failure. It did nothing to restore the health of the banks, “Rule of thumb is, currency in circulation must grow at the same rate of nominal GDP. Demonetisation was mistake because it cut down the circulation of currency.” he stated.
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