Senior Congress leader P. Chidambaram slammed the government over its poor management of economy, saying inflation is at five-month high, industrial growth at five-month low and the trade deficit has soared.
Chidambaram, a former Finance Minister, posted tweets, pointing out the low exports in the month of June, which were much higher in May, while the imports have shoots up.
“After 5-month-high inflation and 7-month-low industrial growth comes the news of soaring trade deficit.”
After 5-month high inflation and 7-month low industrial growth, comes news of soaring trade deficit.
— P. Chidambaram (@PChidambaram_IN) July 13, 2018
In another following tweet, Chidambaram said that despite the higher trade deficit, the government would continue to say that ‘all is well’.
“June exports lower than May. June imports higher than May. June trade deficit higher by $2 billion. But the government will say all is well,” he said.
June exports lower than May. June imports higher than May. June trade deficit higher by $2 billion. Government will say all is well!
— P. Chidambaram (@PChidambaram_IN) July 13, 2018
Chidambaram said the Congress leaders had estimated that demonetisation would lead to a cut in growth rate by 1.5 percent and the outgoing Chief Economic Advisor Arvind Subramanian has said that purging high currency notes in November 2016 led to a definite slowing down of economy.
The official data showed that retail inflation in India touched the 5 percent-mark in June, compared to 4.87 percent in May, even as industrial output in May grew at 3.2 percent compared to the same month last year but declined as compared to rise of 4.9 percent in April mainly on account of a decline in manufacturing.
