Sub-6 per cent growth is catastrophe: Chidambaram

New Delhi Aug 31 (IANS) Senior Congress leader P. Chidambaram on Thursday slammed the Modi government as India s GDP growth for the first quarter of the current fiscal ended June slowed down to 5.7 per cent calling it a "catastrophe".

"Our worst fears have come true. Sub-6 per cent growth is a catastrophe " Chidambaram said on Twitter.

"The slide in economy continues. Slow growth low investment and no jobs. An explosive cocktail " he added.

Chidambaram said: "GDP (Gross Domestic Product) and GVA (Gross Value Added) figures are more evidence of Dr Manmohan Singh s indictment of monumental mismanagement .

"One per cent decline in GDP is a loss of Rs 1.5 lakh crore. Two per cent decline is a loss of Rs 3 lakh crore " the former finance minister further added.

India s GDP growth for the first quarter of the current fiscal ended June slowed down to 5.7 per cent from 6.1 per cent reported for the fourth quarter of 2016-17 official data showed on Thursday.

--IANS
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