RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
Congress leader P Chidambaram on Sunday criticised the Modi government for its economic policies and said it was pushing the country to poverty through the Goods and Services Tax (GST).
He also slammed the Reserve Bank of India (RBI) for failing to reveal the amount of money that came back to it bank following the demonetisation decision announced on 8 November 2016.
“RBI is still counting and won’t tell us how much money has come back. I would like to advise the RBI Governor to go to Tirupati and get the hundi collectors. They count money faster than the RBI,” he said referring to the staff at the famous Andhra Pradesh temple known as the richest one in the world.
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Addressing the gathering at the 84th Congress Plenary on the second and last day of the session, the former Union finance minister claimed that the BJP-led NDA had inherited a “strong economy” from the UPA but the Modi government ended up destroying jobs.
“Demonetisation was a big lie,” Chidambaram claimed.
“The Modi government inherited a strong economy. The task of development has to be continued by future generations. However, today, the Indian economy is decoupled from the world economy which is growing,” he told the gathering, which had in attendance former prime minister Manmohan Singh and other Congress leaders and supporters.
Before Chidambaram’s speech, Manmohan Singh had launched a scathing attack on the government for its handling of internal political issues such as Jammu and Kashmir.
Read More: Congress plenary session: Former PM Manmohan Singh slams NDA on Kashmir
“The Modi government has mismanaged issues in Jammu and Kashmir like never before. They have installed a government where the two wings of the administration are working against each other. The atmosphere is deteriorating,” he said asserting that the country must recognise the “problems in Jammu and Kashmir” to ensure that these problems are “tackled and sorted”.
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