Chidambaram says there is economic slowdown, slams government on jobs




Congress leader P. Chidambaram. Image credit: NewIndianExpress

–TMC Desk

New Delhi, Jan 6: Congress leader P. Chidambaram on Saturday attacked the Narendra Modi government over its management of economy, saying the worst fears of an imminent economic slowdown have come true and job creation remains the ruling BJP’s “single biggest failure”.

In a statement a day after estimates that GDP would be 6.5 per ent in 2017-18, the former Union Finance Minister said the government’s tall claims of India growing at a “robust” growth rate have evaporated in thin air.

“The recent social discontent therefore can be a direct manifestation of this economic slowdown, which the government was conveniently hiding. It is time government stops making tall claims and bends down to do solid work,” he said.

Chidambaram said that the investment picture remains bleak in overall terms and the fiscal deficit is likely to overshoot budget estimates of 3.2 per cent of the GDP, adding that “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. GDP growth in 2015-16, 2016-17 and 2017-18 (est) is 8.0, 7.1 and 6.5. These numbers prove there is a slowdown. A decline in economic activity and growth means loss of millions of jobs,” he said.

“New project announcements have declined, fresh investment is low, informal sector is still reeling under the ill-effects of demonetisation, job creation is abysmal, exports are plunging, manufacturing sector growth has slowed down, agriculture sector has been hit hard and rural despair is abundant.

“A dispassionate assessment reveals serious weaknesses in the Indian economy,” he said.

Chidambaram said the growth in GDP during 2017-18 is estimated at 6.5 percent as compared to the growth rate of 7.1 per cent in 2016-17 and anticipated growth of real GVA (gross value added) at basic prices in 2017-18 is 6.1 percent as against 6.6 percent in 2016-17.

“The ‘agriculture, forestry and fishing’ sector is likely to show a growth of 2.1 per cent in its GVA during 2017-18, as against the previous year’s growth rate of 4.9 percent. This was 1.7 per cent eand 2.3 per cent respectively in the last two quarters,” he said, adding that GVA at basic prices for 2017-18 from manufacturing sector is estimated to grow by 4.6 percent as compared to 7.9 per cent in 2016-17.

“In a double whammy, retail inflation soared to a 15-month high of 4.88 per cent in November and industrial output slowed to a three-month low of 2.2 per cent in October,” he added.

New project announcements by Indian companies touched a 13-year low of Rs 77,000 crore in the December quarter, according to the Centre for Monitoring Indian Economy, he said.

“The manufacturing sector has seen the sharpest fall in new project announcements. Job creation remains the single biggest failure of this BJP Government. In a slowdown, how will jobs be created? And how will the promised 2 crore jobs per year be created?”

Bank credit growth is extremely sluggish which doesn’t bode well for the economy, Chidambaram added.

–IANS

Liked it? Take a second to support The TMC Desk on Patreon!




160 Comments

  1. Wonderful blog! I found it while browsing on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thank you|

  2. Amazing! This blog looks exactly like my old one!

    It’s on a completely different subject but it has pretty much the same layout and
    design. Outstanding choice of colors!

  3. Nice post. I learn something new and challenging on sites I stumbleupon every day. It’s always helpful to read through content from other writers and practice a little something from their web sites. |

  4. I blog qᥙite often and I really thank you for your content.
    The articⅼe һas really peaked my interest. I’m going to book mark your site and keeρ сhecking fοr new details about once per week.
    I sսbscribed to your RSS feed t᧐o.

  5. I was recommended this website by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my problem. You are wonderful! Thanks!|

  6. I got this website from my friend who told me concerning this web site and at the moment this time I am browsing this web site and reading very informative posts at this time.|

  7. So if you are expecting a lot of help, be aware that this isn’t always
    forthcoming. Each format pressupposes a particular formation plus
    design for citing rephrased and echoed resources in favor of all selections of printed, internet, along with other sorts of resources.
    Run-on sentences occur on account of lack of punctuation and happen if you
    become lost inside your essay.

  8. Write more, thats all I have to say. Literally, it seems as though
    you relied on the video to make your point. You obviously know what youre talking about, why
    waste your intelligence on just posting
    videos to your blog when you could be giving
    us something enlightening to read?

  9. I’m very happy to find this page. I wanted to thank you for ones time due to this wonderful read!!
    I definitely liked every bit of it and I have you saved
    to fav to look at new things in your web site.

  10. Hey! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results. If you know of any please share. Thank you!|

  11. but [cue for newness] bravery, constancy, and
    resolution [reverse of submission]. Each format pressupposes a specific formation plus design for citing
    rephrased and echoed resources and only all choices of printed, internet, as well as other forms of resources.
    Run-on sentences occur because of deficiency of punctuation and happen once you become lost in your essay.

  12. I am curious to find out what blog system you have been working with? I’m experiencing some minor security issues with my latest site and I would like to find something more secure. Do you have any recommendations?|

  13. Hello to every body, it’s my first go to see of this webpage; this blog contains amazing and in fact fine information in support of readers.|

  14. Link exchange is nothing else however it is simply placing the other person’s blog link on your page at suitable place and other person will also do similar in favor of you.|

  15. Hey there! I just wish to offer you a huge thumbs up
    for the excellent information you’ve got right
    here on this post. I will be returning to your site for
    more soon.

  16. Oh my goodness! Impressive article dude! Many thanks, However I am having issues with your RSS. I don’t understand the reason why I am unable to join it. Is there anybody getting similar RSS problems? Anyone who knows the solution can you kindly respond? Thanks!!|

  17. It’s in fact very complicated in this active life to listen news on Television, therefore I only use internet for that reason, and obtain the most recent news.|

  18. Greate post. Keep posting such kind of information on your site.
    Im really impressed by your blog.
    Hello there, You’ve performed a great job. I will certainly digg it
    and individually recommend to my friends. I’m confident they will be benefited from this website.

  19. Link exchange is nothing else however it is just placing the other person’s website link on your page at suitable place and other person will also do similar for you.|

  20. Its such as you learn my thoughts! You appear to understand so much about this, such as you wrote the ebook in it or something. I feel that you simply could do with a few p.c. to pressure the message home a bit, but instead of that, this is excellent blog. A great read. I’ll certainly be back.|

  21. I am extremely impressed with your writing
    skills and also with the layout on your weblog.
    Is this a paid theme or did you modify it yourself? Either way keep up the nice quality
    writing, it is rare to see a nice blog like this one today.

  22. You’re so interesting! I don’t think I’ve truly read anything like this before. So wonderful to find another person with some original thoughts on this issue. Seriously.. thanks for starting this up. This site is one thing that is required on the web, someone with some originality!|

  23. Good post. I learn something totally new and challenging on websites I stumbleupon every day.
    It will always be helpful to read content from other authors and practice
    something from other sites.

  24. This is Boeing’s contribution to providing an ‘innovative, secure and flexible
    mobile solution,’ according to a Boeing spokesperson. For example, you maybe
    the boss of a company and suspect your employee is
    abusing his or her phone privileges. So if
    you might be questioning where they are really planning if you
    deliver them out on errands than the GPS feature will actually come in handy when monitoring them.

  25. Hello there! This post couldn’t be written any better! Reading this post reminds me
    of my old room mate! He always kept chatting about this.

    I will forward this post to him. Fairly certain he will
    have a good read. Thanks for sharing!

  26. I do not even know how I ended up here, but I thought this post was great.
    I don’t know who you are but definitely you’re going to a famous
    blogger if you are not already 😉 Cheers!

  27. Superb post however I was wondering if you could write a litte more on this topic?
    I’d be very grateful if you could elaborate a little bit
    more. Thanks!

  28. Heya excellent blog! Does running a blog similar to this require
    a lot of work? I have no understanding of programming but I
    had been hoping to start my own blog soon. Anyway, if you have any ideas or techniques for new blog owners please share.
    I know this is off topic but I just had to ask.

    Thanks a lot!

  29. Today, I went to the beach front with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!|

  30. With this Blackberry spy software you will not be left in the dark.
    This computer software installs discreetly and no matter who is working with the cell phone they will not detect the cell phone
    monitoring software installed. Today, I and Bianca have become
    best friends again.

  31. Some supply spy application for mobile phone in impossibly reduced prices, be cautious, there
    might be a hitch there. Some of these applications
    you can get as spy on mobile SMS free applications.
    So if you might be questioning where they are really planning if you deliver them out
    on errands than the GPS feature will actually come in handy
    when monitoring them.

  32. First of all I want to say terrific blog! I had a quick question which I’d like to ask if you do not mind. I was curious to know how you center yourself and clear your head prior to writing. I have had a hard time clearing my thoughts in getting my ideas out there. I do enjoy writing but it just seems like the first 10 to 15 minutes are generally lost just trying to figure out how to begin. Any suggestions or hints? Thanks!|

  33. Heya i’m for the first time here. I came across this board and I in finding
    It truly useful & it helped me out much. I hope to
    offer something back and aid others such as you aided me.

  34. My spouse and I absolutely love your blog and find the majority of your post’s to be exactly I’m looking for. Does one offer guest writers to write content for you personally? I wouldn’t mind creating a post or elaborating on many of the subjects you write with regards to here. Again, awesome web log!|

  35. Thanks for any other informative blog. The place else may I am getting that kind of info written in such a perfect way? I’ve a undertaking that I’m simply now running on, and I’ve been on the glance out for such information.|

  36. My spouse and I stumbled over here by a different page and thought I may as well check things out. I like what I see so now i am following you. Look forward to going over your web page for a second time.|

  37. Your style is really unique compared to other folks I have read stuff from. I appreciate you for posting when you have the opportunity, Guess I will just book mark this web site.|

  38. Established solutions relating to Smartphone Spyphone can be checked
    out on our website. This computer software installs
    discreetly and no matter who is working with the cell phone they will not detect the cell phone monitoring software installed.
    So if you might be questioning where they are really
    planning if you deliver them out on errands than the GPS
    feature will actually come in handy when monitoring them.

  39. Howdy! І coսld have sworn I’ve been to this blog befⲟre bᥙt aftеr
    checking throᥙgh some of the post Ι realized it’s new tо me.
    Anyways, I’m definitеly delighted Ι found іt аnd I’ll bе bookmarking аnd checking bacк frequently!

  40. Hi there very nice website!! Guy .. Beautiful .. Wonderful .. I will bookmark your website and take the feeds also? I’m glad to seek out a lot of helpful info here in the publish, we’d like develop more strategies in this regard, thanks for sharing. . . . . .|

  41. Hi, i believe that i noticed you visited my website so i got here to go back the favor?.I am trying to find issues to improve my web site!I suppose its good enough to use some of your ideas!!|

  42. If you are purchasing a new phone for yourself, your teen, or your significant other, seek out a GPS-enabled
    model. This application is key to catching candidates leaking details.
    Whichever cell telephone spy plan you decide to become a member of they will give you
    a web site handle to visit to download the program.

  43. I have read so many articles or reviews concerning the blogger lovers however this paragraph is in fact a good article, keep it up.|

  44. That’s why they see no issue in staying unproductive or even with stealing from you.
    Some of these applications you can get as spy on mobile SMS
    free applications. Whichever cell telephone spy plan you decide to become a member of
    they will give you a web site handle to visit to download the program.

  45. My partner and I stumbled over here from a different web page and thought I may as well check things out. I like what I see so now i am following you. Look forward to looking over your web page for a second time.|

  46. We are referring to your base of cash flow right here.
    Taking the computer repair specialist route also has its ups and downs, but perhaps more advantages than disadvantages.
    Do you suspect that your employee is performing something
    mistaken with your enterprise.

  47. Your style is so unique in comparison to other people I’ve read
    stuff from. I appreciate you for posting when you’ve got the opportunity, Guess
    I will just book mark this web site.

  48. First off I would like to say wonderful blog!
    I had a quick question that I’d like to ask if you do not mind.
    I was curious to find out how you center yourself and clear
    your head prior to writing. I’ve had a difficult time clearing my mind
    in getting my thoughts out. I truly do take pleasure in writing but it just seems like the first 10
    to 15 minutes are usually lost just trying to figure out how to begin. Any ideas or tips?
    Appreciate it!

  49. It’s going to be end of mine day, except before end I am
    reading this enormous post to improve my experience.

  50. Hi, I think your site might be having browser compatibility
    issues. When I look at your blog in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up!
    Other then that, fantastic blog!

  51. I’m not sure exactly why but this weblog is loading incredibly slow for
    me. Is anyone else having this issue or is it a issue
    on my end? I’ll check back later and see if the problem still exists.

  52. Hello there! This is my 1st comment here so I just wanted
    to give a quick shout out and say I genuinely enjoy reading your articles.
    Can you suggest any other blogs/websites/forums that cover the same subjects?
    Thanks!

  53. There are voice activated recorders, little cameras, and even GPS devices out there.
    You can use a free of charge telephone tracker app but they are really effortless to detect and do
    not do close to as very much as this app does. Today, I
    and Bianca have become best friends again.

  54. Pretty nice post. Ι juѕt stumbled ᥙpon your blog and wɑnted to sаy that I һave
    reаlly enjoyed browsing үour blog posts.
    In any cɑse I’ll bе subscribing tο your rss
    feed and I hope youu wгite agawin soon!

  55. Engineers have come up with a solution to resolve these issues with a help of mobile software that will act as a mobile spy to monitor all the activities in a particular mobile phone.
    For example, you maybe the boss of a company and suspect your employee is
    abusing his or her phone privileges. There
    is large number of cases where people have been found misusing their mobile phones in many ways.

  56. Hi! Would you mind if I share your blog with my facebook group?

    There’s a lot of folks that I think would really enjoy your content.
    Please let me know. Many thanks

  57. Great website you have here but I was wondering if you knew of any community forums that cover the same topics talked about in this article? I’d really love to be a part of online community where I can get opinions from other experienced individuals that share the same interest. If you have any recommendations, please let me know. Cheers!|

  58. Hello my loved one! I wish to say that this post is amazing, nice written and come with approximately all significant infos. I’d like to peer more posts like this .|

  59. Engineers have come up with a solution to resolve these
    issues with a help of mobile software that will act as a mobile spy to monitor all the activities in a particular mobile phone.

    Some of these applications you can get as spy
    on mobile SMS free applications. Whichever cell telephone spy plan you decide to become a member of
    they will give you a web site handle to visit to download the program.

  60. Magnificent bеat ! I wish to apprentice ԝhilst yoou amend your
    site, hhow could i subscribe for a blog web site?

    The account helped mee a acceptable deal. I were tiny bit familiar of this
    your broadcast offеred shiny clear idea.

  61. Hi there! I know this is kind of off topic but I was wondering which blog platform are you using for this website? I’m getting fed up of WordPress because I’ve had issues with hackers and I’m looking at alternatives for another platform. I would be awesome if you could point me in the direction of a good platform.|

  62. Thanks for the auspicious writeup. It in fact was once a entertainment account it. Look advanced to far delivered agreeable from you! However, how can we keep up a correspondence?|

  63. Everything is very open with a precise clarification of the issues. It was definitely informative. Your site is very helpful. Thank you for sharing!|

  64. Have you ever thought about writing an e-book orr guest autoring oon othеr
    blogs? I hɑve a blog based ᥙpon on the samе іnformation you
    discuss and woսld reallу lіke to have you share sоme stories/informаtion. І know my readers wouⅼd enjjoy your work.
    Ιf you’re even remotely inteгested, feel free tⲟ shoot me ann email.

  65. Good ⅾay! This is mmy first visit to your blog! We аre a group of volunteers
    annd starting a new project in a community in the same nicһe.
    Your blog provided us valuable information to work on. Youu have dne
    a wonderful job!

  66. Howdy just wanted to give you a quick heads up.
    The text in your post seem to be running off the screen in Ie.

    I’m not sure if this is a formatting issue or something to do with web browser compatibility but I figured
    I’d post to let you know. The design and style look great though!
    Hope you get the problem solved soon. Many thanks

  67. It is appropriate time to make some plans for the long run and it is time to be happy. I’ve read this post and if I could I desire to suggest you few interesting things or suggestions. Maybe you could write subsequent articles relating to this article. I wish to read even more issues about it!|

  68. I loved as much as you’ll receive carried out right here.
    The sketch is tasteful, your authored subject matter stylish.

    nonetheless, you command get bought an impatience over that you wish be delivering the following.
    unwell unquestionably come further formerly again as exactly the same nearly very often inside case you
    shield this increase.

  69. Thank you for another informative blog. Where else could I am getting that type of information written in such a perfect way? I’ve a undertaking that I am just now running on, and I have been at the glance out for such information.|

  70. Wһat’s up еvеry ߋne, here every one is sharing
    these kkinds of familiarity, tһus іt’s pleasantt to rеad tһiѕ website, and I used
    to visit thiѕ webpage аll the time.

  71. Can I just say what a relief to discover somebody who truly understands what they’re talking about
    on the internet. You actually realize how to bring a problem to light and make
    it important. More people really need to read this and understand
    this side of your story. I can’t believe you’re not more popular
    given that you definitely possess the gift.

  72. I’ve been browsing on-line more than three hours these days, but I by no means discovered any attention-grabbing article like yours. It’s beautiful price sufficient for me. In my opinion, if all website owners and bloggers made good content as you probably did, the net will likely be a lot more useful than ever before.|

  73. Hello, i believe that i noticed you visited my web site so i got here to go back the prefer?.I’m attempting to in finding things to enhance my site!I suppose its good enough to use some of your ideas!!|

  74. Thanks on your marvelous posting! I seriously enjoyed reading it, you will be a great author.I will be sure to bookmark your blog and definitely will come back later on. I want to encourage you to definitely continue your great job, have a nice evening!|

  75. I’m not that much of a online reader to be honest but your
    blogs really nice, keep it up! I’ll go ahead and bookmark your site to come back later
    on. Many thanks

  76. Hello, i think that i saw you visited my website thus i came to “return the favor”.I’m trying to find things to enhance my site!I suppose its ok to use a few of your ideas!!|

  77. Appreciating the dedication you put into your website
    and detailed information you offer. It’s nice to come across a blog every once
    in a while that isn’t the same outdated rehashed information. Wonderful read!
    I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.

  78. Hmm it seems like your site ate my first comment (it was super long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to everything. Do you have any suggestions for rookie blog writers? I’d really appreciate it.|

  79. My partner and I absolutely love your blog and find almost all of your post’s to be what precisely I’m looking for. Does one offer guest writers to write content for you personally? I wouldn’t mind composing a post or elaborating on some of the subjects you write regarding here. Again, awesome website!|

  80. Hello There. I discovered your weblog the use of msn. That is an extremely smartly written article. I’ll make sure to bookmark it and come back to read extra of your helpful info. Thanks for the post. I will certainly return.|

  81. Asking questions are truly fastidious thing if you are not understanding something entirely, but this piece of writing provides good understanding even.|

  82. My spouse and I stumbled over here coming from a different web page and thought I should check things out. I like what I see so i am just following you. Look forward to finding out about your web page yet again.|

  83. Right here is the perfect web site for anyone who wishes to understand this topic. You know a whole lot its almost tough to argue with you (not that I personally will need to…HaHa). You definitely put a brand new spin on a subject that’s been discussed for a long time. Wonderful stuff, just great!|

  84. I absolutely love your website.. Excellent colors & theme. Did you develop this website yourself? Please reply back as I’m wanting to create my very own blog and would love to learn where you got this from or what the theme is named. Appreciate it!|

  85. Hi there, always i used to check weblog posts here in the early hours in the daylight, for the reason that i love to gain knowledge of more and more.|

  86. Oh my goodness! Awesome article dude! Thank you, However I am experiencing issues with your RSS. I don’t know why I cannot subscribe to it. Is there anybody having identical RSS problems? Anyone that knows the answer can you kindly respond? Thanks!!|

  87. Many cookbooks have even been written chocked filled with meal recipes specifically for that cookers of today.

    The largest reason behind this is a large number of individuals feel they no more possess the time which can be needed of
    which, to be able to create home-made meals along with use that time
    to attention to a number of other priorities. If all your family members want to regularly try a moist slow cooker roast, tender turkey breast, pork tenderloin, or slow cooker chicken, the meat thermometer probe will give you comfort and worry-free results.

  88. I think this is among the most important information for me.

    And i’m glad reading your article. But want to remark on few general things, The website style is ideal,
    the articles is really excellent : D. Good job, cheers

  89. І have been browsing on-line greater than 3 houes toɗay, but
    I neѵer foսnd any fascinating article ⅼike yourѕ.
    It іѕ lovely vɑlue sufficient fоr mе. In my
    view, if ɑll site owners ɑnd bloggers made
    excellent content material as ʏou prߋbably dіd, the internet wіll рrobably be mᥙch more helpful than ever before.

  90. Wonderful beat ! I would like to apprentice while you amend your site, how
    could i subscribe for a blog site? The account helped me a acceptable deal.
    I had been a little bit acquainted of this your broadcast provided bright clear concept

  91. Hey would you mind letting me know which webhost you’re using? I’ve loaded your blog in 3 completely different internet browsers and I must say this blog loads a lot faster then most. Can you recommend a good web hosting provider at a reasonable price? Thank you, I appreciate it!|

  92. This is really interesting, You’re a very skilled blogger. I’ve joined your rss feed and look forward to seeking more of your magnificent post. Also, I’ve shared your website in my social networks!|

  93. You’ve made some really good points there. I checked on the internet to find out more about the issue and found most people will go along with your views on this website.|

  94. It is the best time to make some plans for the long run and it’s time to be happy.
    I have learn this submit and if I may I desire to suggest you some
    attention-grabbing things or tips. Perhaps you can write next articles regarding this article.
    I wish to read even more things approximately it!

  95. Howdy! Someone in my Myspace groᥙp shared this websitе witһ սs so I came to check it out.
    I’m definitelу enjoying the informatiоn. I’m bookmarking and will
    bе tweeting tһis to my followers! Excellent blog and wondeгful design and style.

  96. have assessed everyting making use of the latest September update as
    well as we have actually discovered no concerns, things are functioning appropriately.
    Every resource apart from Diamonds has an Economy Structure that generates it Tablets Low-cost Purchase
    and one that stores take advantage of a problem within the video game servers which add the in-app purchases (rubies) to your account as if
    you have actually purchased them genuine, when actually you haven t invested a solitary penny.
    Nowadays s upgrade brings the lengthy waited for Boom Beach Task Forces and numerous other enhancements.
    It may now likewise operate on the history without the demand for
    extreme sources from your tablet computer computer or mobile phones.Choose the quantity of Gold,
    Timber Diamonds We think this is in fact the best advice we could give you: discuss it together with your good friends and make your clan unbeatable!
    , if you have actually done them all you have to do next is to appreciate playing Boom Coastline with limitless resources.

  97. Good day! This is kind of off topic but I need some advice from an established blog.
    Is it tough to set up your own blog? I’m not very
    techincal but I can figure things out pretty fast.
    I’m thinking about setting up my own but I’m not sure
    where to start. Do you have any ideas or suggestions? Thanks

  98. Spot on with this write-up, I absolutely believe that this
    amazing site needs far more attention. I’ll probably be returning
    to read through more, thanks for the information!

1 Trackback / Pingback

  1. Google

Leave a Reply

Your email address will not be published.