Introduction and withdrawal of Rs 2,000 note cast doubt on integrity, stability of India's currency: Chidambaram

Senior Congress leader P Chidambaram on Monday said the introduction of Rs 2000 note and its subsequent withdrawal have cast doubt on the integrity and stability of the Indian currencyAddressing a press conference in Mumbai the former Union finance minister said the key economic indicators are pointing downward and there is low confidence that the economy will reach the high growth pathHe also said the situation in Manipur where recent ethnic clashes have claimed more than 75 lives was alarming and questioned the continued silence of Prime Minister Narendra ModiGovernance and policies in a secular democratic country must give rise to a tide that will lift all boats In that view the NDA government has totally failed in the last nine years he saidWhat is worse is that the government does not even make an effort to correct its mistakes and govern for all the people he saidThe Reserve Bank of India recently announced withdrawal of Rs 2000 notes from circulation and asked people to deposit it in banks or get it exchanged by September 30The thoughtless some would even say foolish introduction of the Rs 2000 note which the people shunned and the mortifying spectacle of withdrawing the note have cast doubt on the integrity and stability of Indias currency Chidambaram saidThe first three quarters of 202223 recorded growth rates of 132 63 and 44 per cent a declining trend The present situation is a far cry from the average of nine per cent growth rate that marked the boom years between 2004 and 2009 he saidThe Indian economy is growing modestly at a muchreduced pace facing serious issues of unemployment inflation widening inequalities and stumbling welfare programmes he saidThe opposition is compelled to raise very serious questions about raging unemployment persistent inflation widening inequalities and stumbling welfare programmes The all India unemployment rate is currently 745 per cent and the labour force participation rate is about 48 per cent Prices are elevated and people are consuming less Chidambaram saidThe Congress leader alleged that under the NDA government freedom of speech and expression of citizens has been severely curbed through intimidation and slapping of false casesThe Bharatiya Janata Party BJP andor its affiliated organisations have fuelled these trends with hypernationalism vigilantism religious intolerance vandalism hate speeches and extrajudicial actions he charged adding that bulldozer justice has replaced natural justiceWe are pained and shocked that the leadership of the NDA government has remained silent while the situation in the country has deteriorated year after year he saidChidambaram also said the outcome of the recently held Karnataka Assembly elections demonstrated how wrong the prime minister his government and his party were in their assessment of the political and social situation of the stateThe Congress returned to power in Karnataka after a gap of five years by defeating the BJPThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever