BJP failed to deliver on its promise of double-digit growth: Chidambaram

The Narendra Modi-led government has failed to deliver on its promise of a double-digit growth in the last four years and it will not manage it even in the remaining six months of its term, said former Finance Minister P. Chidambaram on Saturday.

Addressing a press conference in Jaipur, Chidambaram said, "This government promised a double-digit growth rate. However, they have not achieved that growth rate in any of the four years. And they will not achieve it in the last year too," he added.

The senior Congress leader said there was a sense of crisis in every sector, be it banking, industry, construction or the real estate.

The former finance minister also termed demonetisation as the biggest scandal of the country saying that Congress will conduct an in-depth probe if it forms its government at the Centre.

"The tall claims made by the BJP government for bringing demonetisation has failed on all fronts," he said, adding that instead, it has claimed several lives. Further, many small businesses were closed down following this initiative. Once our government comes, we will start a thorough investigation and will also bring change in the GST structure," he added.

Quoting the statement of former economic advisor Arvind Subramanian, he said that even he has agreed that GST and demonetisation reduced the growth rate.

Commenting on the present scenario, he said bigger companies are turning bankrupt in a larger number. Many projects are yet to see the light of day, several accounts have turned NPA. "Eventually banks have been asked to set a limit for granting loans to business entities which yet again portrays a further danger for our economy," he added.