Introduction of Rs 2,000 note and withdrawal have cast doubt on integrity, stability of Indian currency: Chidambaram

Senior Congress leader P Chidambaram said the introduction of Rs 2,000 note and its subsequent withdrawal have cast doubt on the integrity and stability of the Indian currency.

Addressing 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 path.

He 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 Modi.

Governance 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 said. What is worse is that the government does not even make an effort to correct its mistakes and govern for all the people, he said.

The thoughtless some would even say foolish introduction of the Rs 2,000 note (which the people shunned) and the mortifying spectacle of withdrawing the note have cast doubt on the integrity and stability of India's currency, Chidambaram said.

The 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, 7.45 per cent and the labour force participation rate is about 48 per cent. Prices are elevated and people are consuming less, Chidambaram said.