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Chidambaram spoiled economy: BJP

Posted on Mar 30 2014 | IBNS

New Delhi, Mar 30 : Bharatiya Janata Party (BJP) leader Yashwant Sinha on Sunday said Union Finance Minister P Chidambaram would be remembered as a spoiler of the Indian economy in the history of the country.

"The fact of the matter is Sri Chidambaram that you will be remembered by history as a spoiler, as some one who specializes in sub 5 percent growth rate, for your hubris and for your baseless tall claims which you do not tire of making even today. Your words and statements have lost all credibility," he said.

Sinha posed several questions to Chidambaram in a press conference.

"Is it a fact that you inherited a fairly healthy economy in 1996 when you became the Finance Minster for the first time in the United Front Government? Is it also a fact that during your 2 year tenure you brought down the economic growth rate to 4.5 percent in 1997-98?" asked Sinha.

"Is it a fact that as Finance Minister of the UPA-I government you inherited a robust economy which grew at the rate of 8 percent in 2003-04," asked Sinha.

He asked if it is "a fact that in the Economic Survey presented by you to Parliament in July 2004 you said 'the economy appears to be resilient mode in terms of growth, inflation, balance of payments, a combination that offers large scope for consolidation of the growth momentum with continued macro economic stability?'"

Sinha said after "10 years of misrule by the UPA government economic growth rate has once again slowed down drastically." He said the GDP growth rate has registered a mere 4.7 percent YOY in the October-December quarter of 2013-14, that this is seventh consecutive quarter below the 5 percent mark, that manufacturing and mining registered a decline of 1.9 percent and 1.6 percent during the quarter; that the growth rate would have been worse but for a 7 percent increase in the personal, community and social services category which reflects irresponsible government spending rather than real economic expansion."

Sinha said the high growth rate witnessed during the first four years of the UPA-I was largely on account of the measures initiated by the NDA government and not because of any steps taken by the UPA government.

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