With Left parties contending that India’s economic growth story has bypassed the poor, Finance Minister P Chidambaram on Sunday launched a veiled attack on them stating that any ideology which undermines expansion of the economy should be rejected.
“One should come forward to repudiate any ideology which professes that growth indices are irrelevant,” he said without mentioning Left parties at a seminar organised by the district Congress Committee here.
The country achieved 8.80 per cent growth during the four-year Congress-led UPA rule, compared with 5.80 per cent during the tenure of the NDA government, he said.
Economic growth close to 9 per cent would help India double its GDP in 10 years. However, he warned “if we stand to remain at 3.50 per cent growth rate the nation could achieve during the 50 years after Independence, we will continue to be poor for many more years.”
The UPA government has been criticised by the Left parties for focusing too much on the GDP growth and stock market while overlooking the interests of the common man who is bearing the brunt of inflation.
Chidambaram said the general price rise was largely due to costly imports of essential commodities.