‘Darkest Year Of The Indian Economy In 40 Years’, P Chidambaram Slams Modi Govt After GDP Contracts By 7.3%

Mumbai: A day after the official figures for India’s GDP fell 7.3 per cent in FY 2020-21, the main opposition Congress Party pulled up the government over inefficient management of the economy.

Speaking on Tuesday, senior Congress leader P Chidambaram said that FY21 can be described as the darkest year of the Indian economy in 40 years.

Also Read: India’s Q4 GDP Growth At 1.6 Per Cent, Contracts 7.3 Per Cent In FY21: Govt Data

“GDP in 2020-21 is lower than GDP in 2018-19. 2020-21 has been the economy’s darkest year in four decades. The performance in the four quarters of 2020-21 tells the story,’ Chidambaram said.

Chidambaram admitted that the economic performance was affected by the pandemic during the year, but also claimed that the disqualification of the BJP government exacerbated the problems.

“The current state of the economy is certainly due to the impact of the pandemic, but it is complicated by the incompetence and incompetent economic management of the BJP-led NDA government,” the former Union finance minister said.

The government released the latest economic data on Monday and official data showed that GDP grew by 1.6 per cent in the fourth quarter of 2020-21.

The Q4 growth was comparatively better at 1.6 per cent than the 0.5 per cent expansion recorded in Q3.

The data released by the National Statistics Office (NSO) shows that the economy registered a growth of 3 per cent in the same January-March period of 2019-20.

Further, GDP grew by 4 per cent in 2019-20, while it declined to 7.3 per cent in 2020-21.

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