Former Union Finance Minister P Chidambaram on Saturday said demonetisation will further hit the economy with the country’s GDP growth being projected to slow down to 7.1 per cent.
Attacking the NDA government over the scrapping of high value notes, the senior Congress leader said the statistics have ‘exposed’ its “claims and boasts”.
“First the RBI, now CSO have forecast lower GDP growth. Govt’s claims and boasts exposed,” he tweeted.
(1/2) First the RBI, now CSO have forecast lower GDP growth. Govt’s claims and boasts exposed
— P. Chidambaram (@PChidambaram_IN) January 7, 2017
(2/2) Growth will be even lower because of demonetisation. 1% reduction means loss of Rs 150000 crore
— P. Chidambaram (@PChidambaram_IN) January 7, 2017
The Central Statistics Office had on Friday estimated a slow down in GDP growth to 7.1 per cent in current fiscal, from 7.6 per cent in 2015-16 mainly due to slump in manufacturing, mining and construction sectors, the government data showed without factoring in ‘volatile’ post-demonetisation figures.
