Congress leader and former finance minister P Chidambaram on Saturday said that more companies are bankrupt today than ever before in the country, news agency ANI reported. The double-digit GDP growth promised by the government has not been achieved in four years. P Chidambaram claimed that the government is not going to achieve the growth in its last year.
“This government promised a double-digit growth rate. They have not achieved double-digit growth rate in any of the four years. And they will not achieve it in the last year also,” he said.
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Taking to micro-blogging site Twitter P Chidambaram in a series of tweets wrote, “As expected GDP growth in Q2 of 2018-19 was a good 1 per cent lower than in Q1.”
“Q1 number was on a very low base in the previous year. It did not signify a bump in growth and did not warrant the jubilation of the BJP three months ago,” he wrote.
"The new normal for the Indian economy is 7 per cent and 2018-19 will be a normal year," P Chidambaram said.
Earlier, India’s gross domestic product (GDP) growth rate slowed to 7.1 per cent in the July-September quarter, weakening from 8.2 per cent in the previous quarter. The rate of economic growth in the same quarter last year had been 6.3 per cent. Indian GDP still remained ahead of China to retain the tag of the world's fastest-growing major economy.
The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago, showing a growth rate of 7.1 per cent, according to a statement of the Central Statistics Office (CSO).
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