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Congress slams Modi govt.’s ‘colossal economic mismanagement’

Congress leader and former Union Minister P. Chidambaram. File   | Photo Credit: The Hindu

Congress leaders on Tuesday targeted the Narendra Modi government over the country’s economic indices, with former finance minister P. Chidambaram accusing the government of “colossal mismanagement” since the 2016 note ban.

Congress leaders stepped up their attack on the Modi government a day after the latest numbers for industrial output and retail inflation came out.

In a series of tweets, Mr. Chidambaram said the Prime Minister neither heeded well-meant advice of distinguished economists nor tolerated criticism. Quoting the classic Tamil text Tirukkural, Mr. Chidamabaram said, “Remember Kural 448: “The king, without the guard of men who will rebuke him, will perish though there is none to destroy him.”

“What a way to end the 7th year of the Modi-led NDA government : surging inflation, falling industrial output, declining rupee and plunging stock market! Add crushing taxes, growing unemployment and more people pushed into poverty and debt. This is the result of five years of colossal mismanagement starting with demonetisation in November 2016,” Mr. Chidambaram tweeted.

Since then, every step had been wrong and the government would not accept that its policies and decisions had been hopelessly wrong, he added.

Separately, Lok Sabha member Manish Tewari tweeted to point out that the value of the Indian rupee to the dollar had crossed ₹75, among other things.

“1 USD = 75.05. Retail Inflation = 5.52 % Industrial Output = -3.6. % Infrastructure & Construction = -4.7 %ALL IS WELL With 5 TRILLION ECONOMY,” tweeted Mr. Tewari.

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Printable version | May 9, 2021 8:33:45 PM | https://www.thehindu.com/news/national/congress-slams-modi-govts-colossal-economic-mismanagement/article34311847.ece

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