Describing Modi government's positives as meagre and not amounting to even a 'bare pass' in the overall score card, Chidambaram asked, "Where are the jobs? The most notable failure of the NDA government has been in job creation."
Responding to BJP government's celebrations trumpeting achievements of two years of its rule, the Congress on Saturday fielded former finance minister P Chidambaram to raise pointers at the 'economic downturns'.
Chidambaram's appearance to take on the BJP after a long gap incidentally coincided with Congress nominating him for Rajya Sabha from Maharashtra for the biennial elections along with Kapil Sibal and Jairam Ramesh from Uttar Pradesh and Karnataka respectively.
Describing Modi government's positives as meagre and not amounting to even a 'bare pass' in the overall score card, Chidambaram asked, "Where are the jobs? The most notable failure of the NDA government has been in job creation."
"The average citizens need jobs and incomes. They do not consume GDP numbers," said Chidambaram raising questions on the methodology of calculating GDP which he said, "If calculated under the methodology of old series would be around 5% and not 7.6%."
"The ferment in universities can be partly attributed to the bleak future faced by graduates. Besides, there are millions of young people who will complete no more than 8 or 10 years of school education and will have no special skills. Where are the jobs for them?" Chidambaram asked.
The former finance minister pointed out that annual sales growth of all firms in 2015-16 was negative at -- 5.7% while annual sales growth of manufacturing firms was negative at – 11.2%.
"These are reflected in credit growth which is at a 20 year low of 9.8%. They are also reflected in merchandise exports which was -15.5% in 2015-16. They are also reflected in the slump in merchandise exports which was – 15.5% in 2015-16," said Chidambaram.
Taking a pick on Modi government's ambitious 'Make in India' programme, Chidambaram described it as a non-starter.
"…The bulk of the FDI inflows have come into the Services and not into Manufacturing. 893 projects were classified as stalled projects in March 2016. According to CMIE, 1137 projects slipped into the categories of stalled/shelved/abandoned in the last two years. There is no evidence of private investment in Greenfield manufacturing industries," said Chidambaram.
Wondering why there is no clarity if the government and the RBI have agreed on the strategy for inflation management that has increased from 3.7% in July 2015 to 5.4% in April, 2016, Chidambaram said, "In the absence of an agreed strategy, inflation is bound to increase."
Simultaneously, the Congress also released a 60-page booklet titled 'Sachchai Ka Aina – Pragati Ki Tham Gayi Chaal Do Saal, Desh Ka Bura Haal' that takes pot shots on various schemes and policy decisions of Modi government along with cartoons showing PM Modi as an unsuccessful dream merchant.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "chidambaram")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}