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Economy stagnating: Swamy

Special Correspondent

CHENNAI: The economy has begun its descent into stagnation and can crashland next year, Janata Party president Subramanian Swamy said on Monday.

In a statement, he said all indicators pointed to a developing recession.

The growth rate of the Gross Domestic Product (GDP) had decelerated to below 6.5 per cent, inflation increased and foreign exchange reserves were falling at half a billion dollars a month.

Dr. Swamy blamed Union Finance Minister P. Chidambaram for the situation.

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