Former FM P Chidambaram Slam BJP-Led Govt Over Economic Slowdown
Mumbai: After spending 106 days in Tihar Jail, Congress leader and former finance minister P Chidambaram slammed centre over economic slowdown said BJP led government is “incapable” and it has since 2016, pushed millions of people below the poverty line.
“The UPA brought 140 million people out of poverty between 2004 and 2014. The NDA has pushed millions below the poverty line since 2016,” Chidambaram told the media a day after coming out of Tihar Jail.
“The economy can be brought out of recession, but this government is unable to do so. I believe Congress” and some other parties are better at getting the economy out of recession and pushing economic growth, but we will have to wait for a better time, ”he said.
Talking about the economic situation, Chidambaram said, “The government is calling the current recession ‘cyclical’. Thankfully they have not called it ‘seasonal’. It is ‘structural’ and the government has no solution or reforms.” Not one that solves structural problems.”
“Rural wages are low. Productive prices are down, especially for farmers. Daily wage earners do not get more than one day of work a month. Demand for MNREGA is up. FMCG – both sustainable and non-sustainable – low are selling, “Chidambaram said.
“CPI prices are going up. CPI is going up. Onion is being sold at Rs 100 per kg. What do they indicate? There is less demand among people as they have less money and less hunger to consume due to uncertainty and fear, ”Chidambaram said.”
He said, “Unless demand increases, there will not be an increase in production/production or investment. The PLF of all thermal plants is 48 per cent. If half of the installed power capacity is shut down, then it cannot be a major disaster is.”
The Supreme Court on Wednesday deferred an order of the Delhi High Court in which it refused to grant bail to Chidambaram and directed him not to tamper with the evidence in the case and influence the witnesses.
The court directed Chidambaram not to give a press interview and make a public statement regarding the case. The court also directed him to pay a bail amount of Rs 2 lakh.
During his tenure as finance minister, Chidambaram sought bail in a case related to the Foreign Investment Promotion Board (FIPB) granted to INX Media in 2007 for Rs 305 crore.
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