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Mamata Banerjee blames demonetization for weak GDP figures, lashes out at Modi govt

Mamata Banerjee said that her apprehension has turned out to be true.

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Chief Minister Mamata Banerjee tongue lashed the Central government over the dip in GDP in the fourth quarter terming it as a result of demonetization decision of the government.

“Within a week of demonetization, I was the first one to react saying that the GDP per cent will fall by two per cent and look what happens after six months. Many have lost their jobs. Before demonetization we were promised Rs 15 lakh in every account but that never happened,” Mamata said at a public meeting at Tarakeswar in Hooghly district, on Thursday.

According to a data released by the Central Statistics Office (CSO) on Wednesday, Gross Domestic Product (GDP) in the January-March quarter grew at the slowest pace in at least four quarters at 6.1 per cent as against a 7.0 per cent growth in October-December.

Earlier on Thursday she had taken to the social media to come down heavily at the Centre. ‘My apprehension is now proven to be true. The Q4 GDP figure this fiscal has come down to 6.1%. The corresponding GDP figure in the previous fiscal was 7.9%. So, the decline is nearly 2 per cent point. Rampant job loss has been reported across the country with the agriculture and unorganised sector in worst shape. What have the people, who pushed the country to this crisis, to say?’ her facebook post read.

Other political leaders too were vocal about their feelings. CPI(M) MP Md Salim, talking to DNA said that demonetization was one of the reasons for the slowdown in GDP. “Joblessness is on the rise. The Modi government had promised lakhs of job but now there is only lack of jobs. Manufacturing sector, agricultural sector, small and medium scale industries sector are all suffering except a selected few and favourite big industrial houses,” Salim said. He also said that India was no longer the world’s fastest growing economy and despite the attempt to suit the figures to tailor it to the propaganda of the government, true figures had surfaced.

State Congress president Adhir Chowdhury too echoed similar emotions. He cited the example of global recession in 2008 and said that even at that time India was insulated from it thanks to the policies of the then PM Dr Manmohan Singh. Now that everything is in favour of the ruling regime still it had gone haywire. “Prime Minister Modi had said that hardwork was preferred to Harvard degrees. It is proved that more brainwork is required instead. Dr Singh had predicted doom for demonetization policy and he had been ridiculed saying that he wears raincoat in bathroom. Now the truth is out in the open. All the claims of demonetization had failed miserably,” he told DNA.

State BJP leaders, however, came to the rescue of the Centre. “Mamata is seeing the demonetization demon in everything. GDP is down in one quarter it will come up in another. The soaring sensex is proof enough that the economy is doing well. Mamata should concentrate on ruling the state rather than bothering herself about the country,” state Bharatiya Janata Party (BJP) president Dilip Ghosh told DNA. 

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