TIL Desk/Business/New Delhi/ Senior Congress leader P Chidambaram today hit out at the government over lower growth estimates for the current fiscal, saying the worst fears of an imminent economic slowdown have come true. There is a decline in new projects and fresh investment, Chidambaram claimed in a statement.
The informal sector is reeling under the ill effects of demonetisation. Job creation is abysmal, exports are plunging, and manufacturing sector growth has slowed down. The agriculture sector has been hit hard and rural despair is abundant, he claimed.
Job creation remained the “single biggest failure” of the BJP government. The bank credit growth was extremely sluggish and it did not bode well for the economy, he said. “The worst fears of an imminent economic slowdown have come true. The Modi government s tall claims of India growing at a robust growth rate have evaporated in thin air.
“No amount of sugar coating, false bravado and rhetoric along with headlines management can conceal the stark reality. Our fears and warnings have proved true,” the Congress leader said.
