The former Finance Minister, P Chidambaram took to Twitter on Sunday and expressed his view on the note ban and economic growth of India. In a series of tweets, he expressed his disappointment on the government’s moves. He also mentioned that the government should declare that it will never indulge in a reckless adventurism like note ban.
1. If the economy is on strong macroeconomic fundamentals and is growing at 7.5 per cent, it does not require a boost!
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
2. A boost to such an economy may prove inflationary, push up the fiscal deficit, worsen the current account deficit and so on.
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
3. The sequential quarterly growth rates of GDP since Jan-March 2016 have been 9.1, 7.9, 7.5, 7.0, 6.1 and 5.7 per cent.
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
4. The economy is therefore not growing at 7.5%. It was growing at a brisk rate but was derailed & it has been decelerating since April 2016
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
5. No entrepreneur believes that the situation today is conducive to start or expand a business.
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
6. Banks lend to SMEs only about 10% of their credit needs. Recapitalising banks will make little difference to the dire situation of SMEs.
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
7. The government could have declared it will never again indulge in reckless adventurism like demonetisation.
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
8. It could have promised to rein in the investigative agencies that have struck terror among business persons.
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
9. None of the above seems to be of interest to the government. Instead we have jumlon ki baarish (a shower of promises).
— P. Chidambaram (@PChidambaram_IN) October 29, 2017
