Former Finance Minister P. Chidambaram on Sunday took a dig at the Modi government’s handling of the economy, saying that though three Finance Ministers - one de facto, one de jure and one invisible - handled the economy, the management was not in very competent hands.
Former Finance Minister P. Chidambaram on Sunday took a dig at the Modi government’s handling of the economy, saying that though three Finance Ministers - one de facto, one de jure and one invisible - handled the economy, the management was not in very competent hands.
At a press conference at the Congress office in Delhi, he said that despite inheriting an economy on the upswing in May 2014, the Modi government had let it lose momentum because of “tax terrorism, demonetisation and a flawed GST”.
Exit of experts
Every world-renowned economist who came to work under this government has left, Mr. Chidambaram said. “None with a worldwide reputation is willing to serve under this government.”
Using the back-series data on gross domestic product (GDP) released by the Statistics and Programme Implementation Ministry, Mr. Chidambaram said the “main and undeniable conclusion is that UPA 1 and UPA 2 delivered the highest decadal growth (8.13% at factor cost) since Independence. It is also a matter of record that during this period, 140 million people were lifted out of poverty.”
According to the back series data, the former Finance Minister said, UPA 1 had an average GDP growth rate of 8.87% at factor cost as against NDA 1’s 5.69%.
Similarly, the GDP growth at market prices clocked 7.68% for UPA 2 as against 7.33% for the first four years of the Modi government. “The back-series data is now available. The numbers prove the dictum that truth cannot be suppressed forever and truth has a way of emerging amidst a torrent of lies and distortions,” he said.
Elaborating on the charge of “tax terrorism”, Mr. Chidambaram said that despite a majority in the Lok Sabha, the Modi government did not amend the retrospective clause in the Income Tax Act (also known as the Vodafone amendment). “Firstly, extraordinary powers have been given to the various officials and humongous notices are sent out …one lakh notices, two lakh notices. If these one lakh notices, two lakh notices are sent, it only creates fear in the minds of the individual businessman,” he said. The complicated procedure of returns filings under GST was another example of “tax terrorism”, he added. “The Congress is a passionate advocate of high growth with equity and social justice. All three have suffered under the government of Shri Narendra Modi,” he said.
BJP claim
Responding to the Congress’s claim, BJP spokesperson, Sambit Patra, pointed out that the back series data on GDP growth was not yet official data as it was yet to be accepted to be accepted by the government. “During Narendra Modi's regime, the country has transformed from the Fragile Five Economies to fabulous few destinations,” he said.
At a press conference at the Congress office in Delhi, he said that despite inheriting an economy on the upswing in May 2014, the Modi government had let it lose momentum because of “tax terrorism, demonetisation and a flawed GST”.
Exit of experts
Every world-renowned economist who came to work under this government has left, Mr. Chidambaram said. “None with a worldwide reputation is willing to serve under this government.”
Using the back-series data on gross domestic product (GDP) released by the Statistics and Programme Implementation Ministry, Mr. Chidambaram said the “main and undeniable conclusion is that UPA 1 and UPA 2 delivered the highest decadal growth (8.13% at factor cost) since Independence. It is also a matter of record that during this period, 140 million people were lifted out of poverty.”
According to the back series data, the former Finance Minister said, UPA 1 had an average GDP growth rate of 8.87% at factor cost as against NDA 1’s 5.69%.
Similarly, the GDP growth at market prices clocked 7.68% for UPA 2 as against 7.33% for the first four years of the Modi government. “The back-series data is now available. The numbers prove the dictum that truth cannot be suppressed forever and truth has a way of emerging amidst a torrent of lies and distortions,” he said.
Elaborating on the charge of “tax terrorism”, Mr. Chidambaram said that despite a majority in the Lok Sabha, the Modi government did not amend the retrospective clause in the Income Tax Act (also known as the Vodafone amendment). “Firstly, extraordinary powers have been given to the various officials and humongous notices are sent out …one lakh notices, two lakh notices. If these one lakh notices, two lakh notices are sent, it only creates fear in the minds of the individual businessman,” he said. The complicated procedure of returns filings under GST was another example of “tax terrorism”, he added. “The Congress is a passionate advocate of high growth with equity and social justice. All three have suffered under the government of Shri Narendra Modi,” he said.
BJP claim
Responding to the Congress’s claim, BJP spokesperson, Sambit Patra, pointed out that the back series data on GDP growth was not yet official data as it was yet to be accepted to be accepted by the government. “During Narendra Modi's regime, the country has transformed from the Fragile Five Economies to fabulous few destinations,” he said.