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Chidambaram mocks new GDP estimates, says UPA years best
New Delhi, Nov 30 (IANS) Ridiculing the official back-series estimates for India’s GDP as a “puzzle”, former Union Finance Minister P Chidambaram on Friday wondered how growth during the Narendra Modi government is pegged higher when all other economic parameters pointed downwards.
Participating in an interactive programme “Is India Being Redefined” here, the Congress veteran also questioned why former Chief Economic Adviser Arvind Subramanian kept a studied silence on demonetisation, which Chidambaram said was an “utterly foolish decision”.
“Even after this redefinition, the pattern of growth and decline remain exactly the same just that entire curve has moved down a jot. The pattern is the best years of India’s growth were 2004 to 2014. They cannot erase the fact.
“If the GDP growth in last 4 years is better than UPA years, then why is investment down by almost 5-6 percentage points,” asked Chidambaram.
“Why our exports not crossing 315 billion USD mark registered in March 2014? Why is credit growth sluggish and credit growth to industry barely 1.4 per cent. Why no jobs, why so much farm distress and maximum number of farmers suicides in the last 4 years,” he said about the back-series estimates for India’s GDP released on Wednesday.
The new estimates put the average growth during the UPA regime down from previous estimates while growth during the NDA period is pegged higher than during UPA.
“If every other indicator points towards south how is your GDP alone pointing north? When every indicator is pointing down, how can the GDP go up. This puzzle has to be solved by somebody, may be the NITI Aayog can,” he said.
He also questioned why the new estimates left out the 2004-05- the first year of the UPA regime as well as the six years of the Atal Bihari Vajpayee-led NDA government.
Talking about demonetisation, he said there was a consensus about Modi’s November 8, 2016 decision to be “utterly foolish that set us back by almost 1.5 per cent of GDP and setback growth for two years”.
“Before the economy could recover from the shock of demonetisation, we had the utmost inefficient implementation of the GST,” said Chidambaram adding that “everything about the GST was wrong except the idea”.
He also lambasted Subramanian for keeping silent on demonetisation.
“Why even a brilliant economist like Subramanian was unwilling to speak up when he was in office. He owes nothing to this government… he had a regular job with a prestigious institute,” said Chidambaram about the former Chief Economic Adviser who has now described the note ban as a massive, draconian, monetary shock that accelerated economic slide to 6.8 per cent in the seven quarters after the decision against the 8 per cent recorded prior to it.
“What is the kind of fear that this government has instilled in people that nobody wants to speak up that is the sad part.
“People who are knowledgeable, learned, scholars, academics and thinking people, when they refuse to speak, what will happen is quacks will decide what our economics will be,” added Chidambaram.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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