The average citizen needs jobs and income. They cannot consume GDP numbers, says Congress.
Titled ‘Two Years of Failed Promises & Lies of Modi Government,’ the 60-page digital document lists topics such as mismanagement of economy, corruption and black money, failure on foreign policy, failure of ‘Make in India‘ program, and so on.
“There is good reason why mood of the people is sombre and sullen. It is because of the economy. It is not clear if the Government and RBI have a clear and agreed upon strategy on controlling inflation,” Chidambaram said.
He also said the most notable failure of the Modi government has been in job creation. The ferment in universities can be partly attributed to the bleak future faced by university graduates, Chidambaram said.
“There are millions of young people who will complete 8-10 years of school education. Where is the skilling for them? Where are the jobs for them?” he asked.
Chidambaram said that the annual sales growth of all firms in 2015-16 was negative at 5.7%. For manufacturing firms it was -11.2%. This is reflected in credit growth, which is at a 20 year low of 9.9%. This is also seen in the slump of merchandise exports, which was -15%.
The Congress leader said there is little cheer in the GDP numbers. There is a growing dichotomy between GDP number and other indicators. If calculated under the methodology of the old series, the number would be 5% not 7.6%. The average citizen needs jobs and income. They cannot consume GDP numbers, said Chidambaram.
Photo courtesy: Congress
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