Chidambaram spoke on falling economy, fiercely targets Modi government

May 23 2020 02:38 PM
Chidambaram spoke on falling economy, fiercely targets Modi government

New Delhi: Former Union Minister and veteran Congress leader P Chidambaram has targeted the Modi government at the Center regarding the country's economy. Chidambaram wrote in tweeting that RBI Governor Dr. Shaktikanth says that there has been a decline in demand, in 2020-21 the growth is moving towards negative area. Then why are they affecting more liquidity? They should tell the government clearly that "do your job, take fiscal measures".

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It is noteworthy that Chidambaram's response came after RBI Governor Shaktikanta Das estimated GDP growth to be negative. In another tweet, Chidambaram said that even after the RBI statement, are the PM and the finance minister praising themselves for a package that has less than 1% of fiscal stimulus? He further wrote 'RSS should be ashamed of how the government has dragged the economy into the field of negative development'.

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Amidst the fight against Coronavirus, the Reserve Bank of India (RBI) on Friday once again announced the reduction in repo rate, reverse repo rate and interest rate. The central bank has reduced the reverse repo rate to 4 percent. RBI Governor Shaktikanta Das had, meanwhile, expressed speculation that the growth rate of gross domestic product (GDP) could be negative in 2020-21.

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