Former finance minister said that there was lack of private investment in the economy and this was the lowest credit growth ever witnessed in the last 20 years
Congress leader P Chidambaram on Tuesday said that if slogans alone could develop a country, India would be developed by now. He was addressing businessmen at a function organised by the Gujarat Pradesh Congress Committee (GPCC) in the Gujarat Chamber of Commerce and Industry (GCCI).
Criticising the BJP government's handling of the economy, he said the UPA ended its term with 6.4% growth rate of economy.
"We hoped the government would improve the performance but the economy has worsened," said Chidambaram. The government has wasted an opportunity, he said. He said demonetisation was initially touted as a weapon against black money, fake currency and corruption.
"The American dollar is the most counterfeited currency in the world, yet they never brought demonetisation to fight it. The way to fight it is to keep bringing in new design," said Chidambaram. He said fighting corruption, and black money was necessary but demonetisation was not the way to do it. He said the move has led to over 19 lakh job losses and practically shut down the micro businesses in the country. He said the agitation by Patidars was nothing but an expression of concern for lack of jobs everywhere. He said the GST being implemented by the government was not the GST originally planned.
"This one is the BJP's khichdi," said Chidambaram. He said across the globe, the countries that have implemented the tax has one rate. In fact, he said, India had to reserve special thanks to Gujarat because had it not been for elections in the state, the government would have never brought down GST rates.
The former finance minister added that there was lack of private investment in the economy and this was the lowest credit growth ever witnessed in the last 20 years.