Mamata, Chidambaram slams Centre over slow GDP growth

Soon after the GDP Data released by the official statistician on Wednesday, the Centre had faced allegations from the oppositions.

New Delhi, June 1: Senior Congress leader P. Chidambaram on Thursday said he was right in predicting slow growth of economy and demonetisation made it worse.

"I had said demonetisation will affect growth by 1-1.5 per cent. Spot on. GVA down by 1.3 per cent," said Chidambaram on his official Twitter account.

"Economy began slowing down in July 2016. Demonetisation made it worse," he added.

Demonetisation took a toll on the Indian economy with the Gross Domestic Product during the fourth quarter, ending March this year, falling sharply to 6.1 per cent from seven per cent in the previous quarter while growth for the year as a whole also declined correspondingly.

Data released by the official statistician on Wednesday showed that India's GDP during the past fiscal grew at 7.1 per cent, at a rate lower than the 8 per cent achieved in 2015-16.
Mamata criticises BJP government over GDP

On the other hand, West Bengal Chief Minister Mamat Banerjee on Thursday slammedthe Bharatiya Janata Party-led government for the decline of GDP growth and said her apprehensions about demonetisation had proven to be right.

There had been rampant job losses and the agriculture and the unorganised sector was in 'worst shape', the chief minister said.

"Right at the time demonetisation was announced by the Central government, I had voiced my concern that the country would have to face severe loss of jobs and drastic decline in productivity due to demonetisation. My apprehension is now proven to be true," she said in a tweet.

"The Q4 GDP figure this fiscal has come down to 6.1%. The corresponding GDP figure in the previous fiscal was 7.9%. So, the decline is nearly 2 per cent point."

"Rampant job loss has been reported across the country with the agriculture and unorganised sector in worst shape," Banerjee said.

"What have the people, who pushed the country to this crisis, to say?".

OneIndia News ( With Agency inputs).