Economic data: Chidambaram mocks Modi's 'Achche Din'

Former Finance Minister P Chidambaram, PTI file photo

Former Finance Minister P Chidambaram mocked Prime Minister Narendra Modi's promise of “Achche Din”, after a series of macro-economic data released by the government pointed to a poor performance.

“After 5-month high inflation and 7-month low industrial production growth, comes news of soaring trade deficit. June exports lower than May. June imports higher than May. June trade deficit higher by $2 billion. The government will say all is well!,” he said in a series of tweets on data released since Thursday.

“Achche Din is around the corner,” Chidambaram said after the official data released Friday showed trade deficit in June widened to a more than five-year high of $16.6 billion.

On Thursday, a few data points showed that the retail inflation had hit a five-month high in June and industrial production had slumped to a 7-month low in May.

Embarrassment

The former finance minister also quoted the outgoing Chief Economic Advisor Arvind Subramanian as saying that November 2016 demonetisation had contributed to deceleration of the economy.

In an embarrassment to the government, the macro-economic numbers came on a day when Union Minister Arun Jaitley exuded confidence that India's economy would leave Britain behind to become the world's fifth largest by next year.

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Economic data: Chidambaram mocks Modi's 'Achche Din'

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