P Chidambaram speaks to NDTV reporter ahead of big Maharashtra Assembly polls
Mumbai:
Reeling off numbers, veteran Congress leader P Chidambaram on Saturday aimed to puncture the ruling Maharashtra coalition’s claim that the financial capital of the country remains the foremost destination for attracting highest number of investments.
“We can’t look at one parameter and say Maharashtra is doing well. It is a number of parameters over a period of time to decide whether the state is growing or sliding. I have with me data which shows that the growth of the state GDP has declined from 2022-2023 to 2023-2024. Similarly, revenue deficit has ballooned, fiscal deficit has ballooned, agricultural growth, services sector growth, transport, trade, communications growth and construction growth have all fallen sharply as much as 3% to 7-8%,” the former Union Finance Minister, in Mumbai ahead of the state polls, told NDTV.
Maharashtra goes to polls on November 20. The votes will be counted on November 23.
“The GEP (Gross Ecosystem Product) itself has declined from 9.4% to 7.6%. If this is the path Maharashtra is economy is going in, how can you say that Maharashtra is growing economically,” Mr Chidambaram asked.
Gross Ecosystem Product (GEP) is an index that measures the economic value of nature’s contributions to human well-being. It is modeled after the Gross Domestic Product (GDP) and is used to help achieve sustainable development by moving beyond conventional economic measures.
“We are only talking about economically. It is not growing. It is slipping and as a result of that there’s massive unemployment,” he said.
Asserting that talk of the state facing a “mountain of debt” was a myth, Deputy Chief Minister Devendra Fadnavis said Maharashtra’s economy is worth Rs 40 lakh crore, of which just Rs 6-6.5 lakh crore constitutes debt.
Asked about the ruling coalition and its $1 trillion economy promise for Maharashtra, Mr Chidambaram underlined that the important question to ask is “when”, adding that without a set timeframe it is a “meaningless statement”.
“$1 trillion is a goalpost. As meaningless as the Union of India’s goalpost of $5trillion. You will reach the goalpost whether there’s a government or not. Whether you grow at 3% or 5% or 8% or 10%. If you grow, you will reach the goalpost,” said the 79-year-old Congress leader.
Elaborating on it, the Congress leader said if you go from Mumbai to Pune, you will reach Pune whether you fly or drive or go in a bullock cart or go on a cycle or go walking. The point, said the Congress leader, is when.
“The central government has shifted the $5trillion goalpost 3-4 times. Now it is somewhere in 2026-2027 or 2027-2028. If anybody claims I will reach $1trllion, you must say when. They don’t say when. It’s like saying my child will grow to 3 feet. Every child will grow to 3 feet. My child will grow to 4 feet, of course a 3-foot high child will grow to 4 feet . It’s a meaningless statement,” said Mr Chidambaram.
On Friday, Union Minister Ashwini Vaishnaw slammed the Opposition Maha Vikas Aghadi, saying that it is an ‘aghadi’ that stops ‘vikas’ (development). He also claimed that only the BJP and Mahyuti government can make Maharashtra a one trillion-dollar economy.