Demonetisation move slowed down Indian economy: P Chidambaram

P Chidambaram
P Chidambaram, File Photo

New Delhi, June 1, 2017: Senior Congress leader P Chidambaram on Thursday attacked Modi government’s demonetisation move by saying India’s economy is going down rapidly and if coorective measures are not taken then economy will further decline.

Chidambaram added that three indicators of vibrant economy — investment to GDP ratio, credit growth and numbers of jobs created, all three have failed in this government.

He said that he was right in predicting the slow growth of the economy and that demonetisation had made it worse.

Chidambaram on his official Twitter account, wrote: “I had said demonetisation will affect growth by 1-1.5 per cent. Spot on. GVA down by 1.3 per cent.” In another tweet, he added, “Economy began slowing down in July 2016. Demonetisation made it worse.

Wefornews Bureau

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