Demonetisation 'biggest scam of 2016': Chidambaram

February 12, 2017 17:21

Terming demonetisation as the "biggest scam of 2016", former Finance Minister P Chidambaram has said the country is likely to grow by 6-6.5 per cent in 2016-17, much lower than what have been predicted by the Central Statistical Organisation and RBI, due to the impact of note ban.

Notably, the CSO has predicted a growth rate of 7.1 per cent and RBI pegs it at 6.9 per cent for financial year 2016-17.

"I am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of Rs 1.5 lakh crore on GDP. The GDP this year is Rs 150 lakh crore, so one per cent hit is Rs 1.5 lakh crore," Chidambaram said.

Without naming Prime Minister Narendra Modi, he said, "So, somebody hit an idea in his head, he decided to go on television and announce demonetisation, and the hit is Rs 1.5 lakh crore (on GDP)."

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