Congress Leader, P Chidambaram held a press conference today to criticize the economy of the country. He said that the public is angry because of the artificially mixed prices of Petrol and Diesel, and there is no reason why the prices should be raised from their previous prices in May-June 2014. He accused the government of fleecing the public. Chidambaram asked, if the Petrol rates were under GST, then the prices could be reduced, but the government hasn’t taken any step to implement this action. Talking about European countries, he asked, if they have managed to develop and show growth in their economy, then the blame should be put on government for failing to control it.
He also gave an example of the RBI confidence poll, and the fact that 48% of public is dissatisfied and upset by the situation of the economy in the country. Yesterday, he also tweeted about the state of economy, writing, in a ten point thread, that, “At first blush it appeared to be the GDP growth number for the whole year 2017-18, and was certainly impressive. Actually, it was the growth number for just one quarter, Q4, and the uptick was also because of the low base effect.”
Today, he also pointed out the criticism, and wrote, “Joblessness is rampant. The only reliable data is the quarterly survey of the Labour Bureau. Those numbers reveal that a few thousand jobs are created — or added — every quarter.” This isn’t the 2 crore jobs that had been promised to the people, he expressed. He called the Bank Bureau a failure, and the ruling government is unable to find money to recapitalize the Banks.
In the end, he added, that, “Social security laws and programmes have been neglected. The Food Security Act has not been implemented. MGNREGA is no longer demand-driven, wage arrears have mounted.”
2. At first blush it appeared to be the GDP growth number for the whole year 2017-18, and was certainly impressive. Actually, it was the growth number for just one quarter, Q4, and the uptick was also because of the low base effect.
— P. Chidambaram (@PChidambaram_IN) June 10, 2018
Point 4. Joblessness is rampant. The only reliable data is the quarterly survey of the Labour Bureau. Those numbers reveal that a few thousand jobs are created — or added — every quarter.
— P. Chidambaram (@PChidambaram_IN) June 11, 2018
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