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Economy has become stagnant due to government’s lack of direction: P Chidambaram

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Former Finance Minister P Chidambaram today tore into government’s management of economy saying there is “complete lack of direction” with no command over situation and the economy is “stagnant”.

Nineteen months into government, he also asked the BJP-led government where are the jobs and private investment promised by the party and Prime Minister Narendra Modi.

“The Government seems to be stalled. The mid-year (economic) analysis (tabled in Parliament last week) is a confession that the Government has not been able to push growth.

“They have begun the exercise of tempering expectations down to about 7.2-7.3 per cent, a far cry from what they said at the beginning of financial year that they will achieve a growth rate of 8-8.5 per cent,” he told PTI in an interview.

Also, the government has started talking about not being able to achieve the fiscal deficit target of 3.5 per cent of GDP for 2016-17.

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