‘Maharashtra Not Growing, Sliding Economically’: P Chidambaram to NDTV

Mumbai:

Rounding out the numbers, veteran Congress leader P Chidambaram on Saturday aimed to refute the ruling Maharashtra coalition’s claim that the country’s financial capital remains the top target for attracting the highest number of investments.

“We cannot look at a single parameter and say that Maharashtra is doing well. A set of parameters over a period of time is used to decide whether the state is growing or declining. I have with me data showing the growth of the state.” GDP decreased from 2022-2023 to 2023-2024. Similarly, the income deficit increased, the fiscal deficit increased, and agricultural growth, services sector growth, transport, trade, communications growth and construction growth also fell sharply. “3% to 7-8%,” the former Union Finance Minister told NDTV in Mumbai ahead of the state elections.

Maharashtra will go to polls on November 20. Votes will be counted on November 23.

Mr. Chidambaram said, “GEP (Gross Ecosystem Product) itself has fallen from 9.4% to 7.6%. If this is the path the Maharashtra economy is going, how can you say that Maharashtra is growing economically?” he 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 Gross Domestic Product (GDP) and is used to help achieve sustainable development by going beyond traditional economic measures.

“We are only talking in economic terms. It is not growing. It is slipping and as a result, there is huge unemployment,” he said.

Claiming that the talk that the state is facing a “mountain of debt” is a myth, Deputy Chief Minister Devendra Fadnavis said that Maharashtra’s economy is worth Rs 40 lakh crore, of which only Rs 6-6.5 lakh crore constitutes debt.

To a question about the ruling coalition and its $1 trillion economy promise for Maharashtra, Mr. Chidambaram underlined that the important question to ask is “when” and added that without a specific time frame, it was a “meaningless statement”.

“$1 trillion is a goalpost. As meaningless as the Union of India’s $5 trillion target is, you will achieve the target with or without the government. Whether you grow 3%, 5%, 8% or 10%. If you grow.” “You will achieve the target,” the 79-year-old Congress leader said.

Elaborating on the issue, the Congress leader said that if you go to Pune from Mumbai, you will reach Pune either by flying, by car, by bullock cart, by cycling or on foot. What matters is when, the Congress leader said.

“The central government shifted the 5 trillion dollar target 3-4 times. Now it is somewhere in 2026-2027 or 2027-2028. If anyone claims that I will reach 1 trillion dollars, tell me when. They do not say when. My child will grow up to 3 feet. It’s like saying my child will grow to 4 feet, of course a 3 foot child will grow to 4. statement,” Mr. Chidambaram said.

Union Minister Ashwini Vaishnaw on Friday slammed the Opposition Maha Vikas Aghadi, saying it was an ‘agadi’ who stopped ‘vikas’ (development). He also claimed that only the BJP and Mahyuti government can make Maharashtra a trillion dollar economy.