Senior Congress leader and former Union Finance Minister P Chidambaram on Saturday said India is growing but the growth rate is falling sequentially quarterly and the economy is slowing down. Chidambaram also accused the central government led by Prime Minister Narendra Modi of neglecting the poor and the poorest of the poor.
He said that the reality is that we are growing, but there is a quarter to quarter growth or a decline in successive quarters. Like 13.2 percent in the first quarter, 6.3 percent in the second, 4.4 percent in the third and I estimate it to be between 4.1 percent to 4.3 percent in the fourth quarter. That is, it is a falling quarterly growth rate, which means that the Indian economy is slowing down. Chidambaram said these things in a program of a media organization.
Asked about India’s fast rise among the world’s major economies, the former finance minister said there is no arrogance in saying that I am the king of the blind. The point is that even when China grows at three per cent or 3.5 per cent, it will increase its annual wealth or annual output many times more every year than India’s seven per cent growth rate.
We are still a very poor country in terms of per capita income: Chidambaram
He said that China is five and a half times bigger than India. So the relevant number is per capita income and we are still a very poor country in terms of per capita income. Chidambaram also said that the Bharatiya Janata Party (BJP)-led NDA government was at fault for not providing fiscal stimulus during the pandemic. He said that the government had done wrong by not giving fiscal stimulus. That’s why three crore people had to go back to Bihar and Uttar Pradesh from other cities and states.
much to be done
Asked what would be the one thing for which he would credit the Modi government, Chidambaram said he would credit this government for its focus on deficit and debt management. Chidambaram said, I have no hesitation in giving credit for this, but all I am saying is that a lot more remains to be done. He said that a prime minister with so much energy, manpower and control over his party could do a lot. Instead, we are talking about a nonfiction interview and documentary. Why are we wasting time on those things?
Quarterly GDP figures are grossly inaccurate: Neelkanth Mishra
Neelkanth Mishra, member of the Economic Advisory Council to the Prime Minister, said that the most important thing right now is that if India is seen as a stable economy in this global financial turmoil, it should attract foreign investors, foreign companies. Will continue to bring what skills and technology can bring. Mishra also argued that the quarterly GDP figures are grossly inaccurate.