Sliding Economy a Greater Threat to India Than Anti-CAA Protests, Says Former Finance Minister

© REUTERS / Adnan AbidiProtesters run for cover amid tear gas fired by police during a protest against the Citizenship Amendment Bill, a bill that seeks to give citizenship to religious minorities persecuted in neighbouring Muslim countries, outside the Jamia Millia Islamia University in New Delhi, India, December 13, 2019
Protesters run for cover amid tear gas fired by police during a protest against the Citizenship Amendment Bill, a bill that seeks to give citizenship to religious minorities persecuted in neighbouring Muslim countries, outside the Jamia Millia Islamia University in New Delhi, India, December 13, 2019 - Sputnik International
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New Delhi (Sputnik): Indian Prime Minister Narendra Modi has repeatedly expressed hope that the country will become a $5 trillion economy by 2024. The size of the economy was $2 trillion when Modi took over in 2014 and has reportedly increased to $3 trillion; India’s GDP growth has, however, ebbed to a six-year low of 4.5 percent.

Former Finance Minister and leader of the opposition Indian National Congress Palaniappan Chidambaram has come down heavily on Indian Prime Minister Narendra Modi's economic policies.

Alluding to the fact that the country’s retail inflation was 7.39 percent when Modi took over in 2014 and has crept back to that level, at 7.35 percent, Chidambaram said the “circle of incompetent management is complete” in a series of tweets on Tuesday.   

Chidambaram referred to the retail inflation data released by Indian government on Monday, which revealed consumer price inflation had registered 7.35 percent growth in the month of December 2019 against 5.54 percent in November 2019. India’s retail inflation has also soared from 1.9 percent in January 2019 to its most recently reported levels.

Chidambaram said even as the country had been rocked by protests due to the Citizenship (Amendment) Act (CAA) and National Register of Citizens (NRC), there was a greater threat due to rising unemployment and declining incomes. 

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