New Delhi: Former Finance Minister and Congress leader P Chidambaram on Wednesday came down heavily on the Central government for the slow economy in the country and said some blunders committed by the government such as demonetisation, GST and putting the squeeze on banks sent the economy into a tailspin. Also Read - 'A Movie Which Bombed After The First Show,' Says P Chidambaram on Budget 2020
He said this while addressing students at the Shri Ram College of Commerce in the national capital. He further added that the country is heading towards another ‘listless’ year in terms of economic growth and prosperity. Also Read - Chidambaram Slams Union Budget 2020, Says 'It Has Nothing For New Job Creation'
“We will limp along. But if there is a crisis — problem in the Middle East, a war or a trade war between the US and China, is there a plan B that the government has?” he asked the students of the college. Also Read - Incomprehensible And Reprehensible: P Chidambaram on Extension to Delhi Top Cop Despite Jamia Firing
Highlighting that the Central government has set a negative target of 10 per cent growth, Chidambaram said the real economic growth would at best be around five per cent and not 10 per cent.
“The growth rate has declined for the last six quarters. If the 7th quarter also shows decline then it means that the slide persists and we are yet to see light at the end of the tunnel, we are still in the tunnel,” the former finance minister added.
He stated that the Central government should have given the explanation when the Opposition asked for reasons over the slow economic growth. He further stated that the country is heading towards a ‘limping economy’.
Saying that the key sectors which otherwise drive the economy such as mining, manufacturing, electricity, coal, crude oil and gas are performing poorly, he stated that the visible signs of the slowdown are most apparent in the automobile sector.
(With inputs from agencies)