As Former Finance Minister P Chidambaram on Monday said country’s economy is in bad shape due to the wrong policies of the NDA Government and that three of the four wheels on which the economy rides were punctured, BJP hit back saying India registered bigger growth rate of 7.7 per cent than what was left to the Modi Government by him and claimed that the present banking woes were sins of the Congress dispensations.
Taking on the Modi Government, Chidambaram said a flawed road to GST continues to haunt trade and business, and the adverse effect of demonetisation has been established ‘beyond doubt’.
Addressing a Press conference here, Chidambaram alleged that there was distress in various sections of society, including farmers, who were not getting remunerative prices of their produce, and the youth due to joblessness.
“The tyres of three of the four wheels on which the economy rides are punctured. Firstly exports: the growth rate in the last four years has been negative. Secondly, private investment: it is in the doldrums, if not dead. Gross fixed capital formation is stuck at 28.5 per cent for three years. Thirdly, private consumption: it was limping until a few months ago, there is a mild up-pick, and we keep our fingers crossed”.
He leader claimed that joblessness was rampant and there was a great ferment in campuses across the country because young men and women knew that there would be no job when they graduate. “So far nobody has bought the innovative idea that ‘frying pakoras is also a job’,” he quipped
In a quick response, Union Minister Prakash Javadekar said once Congress leaders insulted a ‘Chai wala’ and got a resounding response and now they are ridiculing the ‘Pakorawalas’ who earn by the sweat of their brow.
On Chidambaram’s 10 points of criticism, he said though Chidambaram talks about inflation, it was during the Congress regime that price-rise was at 10 per cent and growth was much less. Javadekar said though Congress has the cheek to blame the BJP Government, it was Prime Minister Manmohan Singh who made a derisive comment saying, “Ped par paise nahin ugte” ( Money does not grow on trees).
On the charge that banking NPAs (Non performing assets) are on the rise, he said, “Today’s NPA s are the legacy of the UPA who looted banks with the blessings of big people”.
On the food-security front , Javedakar said 70 percent of the people were covered under food-security with the delivery of Rs 2 per kg wheat and Rs 3 per kg rice.
The Minister said while it was the Congress which brought food security Bill, it is during the BJP regime that it was actually implemented on the ground.
Rejecting the charge that there was no social security for poor, the senior BJP leader said 12 crore people under the Modi Government were brought under accident insurance of Rs 2 lakh with a premium of only Rs 12. He said five crore people were brought under the life insurance with a premium of Rs 302.
Rubbishing former Finance Minister’s description of BJP’s promise on Minimum Support Price to farmers as ‘chunavi jumla’, he said the Modi Government was offering production cost plus 50 per cent to farmers as per Swaminathan Commission recommendation. “Farmers’ suicide is a Congress legacy”, he claimed.