Economy in incompetent hands, growth rate to sink further: P Chidambaram

Mr Chidambaram reached Ranchi to sharpen Congress' attack against BJP in Jharkhand, a day before the state votes in the second phase of elections on 20 seats.

In a press conference here at the JPCC headquarters, he urged the voters to focus on the 81 MLAs, who would be going to the Jharkhand assembly rather than being influenced by the political developments in Kerala, Maharashtra or Meghalaya, or elsewhere in the country.

"The economy is in deep trouble...and deep should be spelled as deeeep 20 times e," he said, adding that in February 2019 the RBI had projected the growth rate to be 7.4 per cent which reduced to 5 per cent in the last 10 months.

The former finance minister said that never before such thing has happened when the RBI has lowered its growth projection within 10 months to 5 per cent and claimed that the economy of the country will tank further as it is in "incompetent" hands.

Mr Chidambaram said the economy of the states, including Maharashtra, Kerala and others, will shoot up once the national economy revives.

"When national figures slide, a poor state like Jharkhand sinks deeper...and needles to say the economy of Jharkhand is in even 'more incompetent hands,'" said the Congress leader.

Speaking on Jharkhand's economic condition, he said Jharkhand's growth rate is 2 per cent below the national average and its per capita income has dropped to the 30th position from the 28th position, indicating that under Chief Minister Raghubar Das Jharkhand has slipped two places further.

Further, poverty in the state between 2011-2018 has increased by 8. 6 per cent, he added.