National
Chidambaram says there is economic slowdown, slams government on jobs
New Delhi, Jan 6 (IANS) 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
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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