Economic slowdown a man-made catastrophe, govt to blame: P Chidambaram

Clay Curtis
December 6, 2019

Speaking to reporters, Chidambaram said, "I am happy that Supreme Court has passed an order granting bail and I am happy that I have stepped out and breathing the air of freedom after 106 days". Naming Raghuram Rajan, Urjit Patel and Arvind Panagariya, Chidambaram said people who understand things were banished by this government.

Union Minister Nitin Gadkari on Wednesday refuted claims of political vendetta and said that there is evidence against Chidambaram in the INX media, money laundering case.

Finance Minister Nirmala Sitharaman also announced that the government will withdraw a tax on investments by startups to help raise private investment and create jobs.

"The government is wrong".

Taking a swipe at the government, Chidambaram said it is calling the present slowdown "cyclical"; thank god it has not called it seasonal, he added. He also criticised the centre for the delay in importing onions. "Congress and some other parties are better equipped to pull the economy out of slowdown but we have to wait for better times", Chidambaram further said.

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Focusing primarily on the state of the economy, Chidambaram said the BJP government believed that the problems faced by the economy were cyclical even after seven months into the current financial year.

"But the fact is in the 106 days of pre-trail incarceration not a single charge was framed against me".

After the release, Chidambaram along with his son drove straight to Congress interim president Sonia Gandhi's residence, while several Congress workers gathered outside his residence in the Jor Bagh area to welcome him.

He only said the "clear and comprehensive" Supreme Court order, granting him bail in a money laundering case connected to INX Media on Wednesday, will clear the "many layers of dust" settled on the understanding of criminal law and the manner in which criminal law has been administered by the courts.

A three-judge Supreme Court bench, headed by Justice R Banumathi, granted bail to the former Union finance minister, who has been in custody since August 21 when he was arrested by the CBI in the INX-Media corruption case. That was investigated by the Central Bureau of Investigation (CBI); the money-laundering is investigated by the Enfor-cement Directorate (ED).

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