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My apprehension came true, says Mamata on dip in GDP growth rate

My apprehension came true, says Mamata on dip in GDP growth rate

| | 01 Jun 2017, 07:42 pm
Kolkata, June 1 (IBNS): Attacking the Centre once again for the demonetisation and its negative impacts on Indian economy, West Bengal chief minister Mamata Banerjee on Thursday said that her apprehension proved to be true regarding the severe loss in jobs and decline in productivity, at the time when India's Gross Domestic Product (GDP) growth rate slipped to 6.1% in the fourth quarter of fiscal year 2016-2017.

According to the reports of Central Statistics Office (CSO), the GDP growth rate has slipped down to 6.1 per cent in the January-March period which is the lowest in last two years.

The slump in the GDP growth rate has assumed significance particularly after the demonetisation, that was announced by the central government on November 8 last year.

Several political parties, including WB CM and her party Trinamool Congress, vehemently opposed the note ban policy and even an united opposition of all non-BJP parties were seen to protest outside the parliament.

The former Prime Minister Manmohan Singh, who was also finance minister earlier during Congress regim, earlier criticised the move by the central government in strong words in the Parliament and called it a 'monumental mismanagement'.

Banerjee, in a Facebook post on Thursday, attacked the Centre once again and wrote, "Right at the time demonetisation was announced by the Central Government, I had voiced my concern that the country would have to face severe loss of jobs and drastic decline in productivity due to demonetisation."

The TMC chief expressed her concern for the agriculture and the unorganised sector too, affected by the decision of the central government to ban 500 and 1000 rupees note in early November.

"Rampant job loss has been reported across the country with the agriculture and unorganised sector in worst shape. What have the people, who pushed the country to this crisis, to say?" Banerjee added.

With the slip in the GDP growth rate, India has now lost the status of the fastest growing economy in the world to China.

However, union finance minister Arun Jaitley hoped that the new Goods and Services Tax (GST) bill will boost the economy and certainly improve the GDP growth.

Jaitley credited the slowdown in global and domestic economy for the recent dip in the GDP growth rate of India.

Image: Official Facebook page of AITC.

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