Economy close to collapse: Chidambaram in RS

Former finance minister P Chidambaram on Monday tore into the Modi government's handling of the economy, saying it was close to collapse and was being attended by "very incompetent doctors." Initiating the debate on the Union Budget for 2020-21 in Rajya Sabha, he said rising unemployment and falling consumption was making India poorer

Stating that the government refuses to admit its mistakes, he listed demonetization of old 1000 and 500 rupee notes as well as the hurried implementation of the Goods and Services Tax as "monumental blunders" that ruined the economy

"It is living in denial," he said, adding the economic growth has fallen for an unprecedented six consecutive quarters.