Chidambaram slams government over 'economic mismanagement'
New Delhi, July 14 : Senior Congress leader P. Chidambaram on Friday slammed the government over its poor management of economy, saying inflation is at five-month high, industrial growth at five-month low and the trade deficit has soared.
Chidambaram, a former Finance Minister, said in tweets that exports were lower in June compared to May and the imports higher. He said despite the higher trade deficit, the government would continue to say that all is well.
"After 5-month-high inflation and 7-month-low industrial growth comes the news of soaring trade deficit."
"June exports lower than May. June imports higher than May. June trade deficit higher by $2 billion. But the government will say all is well," he said.
Chidambaram said the Congress leaders had estimated that demonetisation would lead to a cut in growth rate by 1.5 per cent and the outgoing Chief Economic Advisor Arvind Subramanian has said that purging high currency notes in November 2016 led to a definite slowing down of economy.
The official data showed on Thursday that retail inflation in India touched the 5 per cent-mark in June, compared to 4.87 per cent in May, even as industrial output in May grew at 3.2 per cent compared to the same month last year but declined as compared to rise of 4.9 per cent in April mainly on account of a decline in manufacturing.
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Mass protests erupt across Israel after Defence Minister Yoav Gallant’s dismissal
Tel Aviv: A wave of mass protests swept Israel on Tuesday evening following Prime Minister Benjamin Netanyahu's dismissal of Defence Minister Yoav Gallant. The announcement was met with thousands of protesters taking to the streets in Tel Aviv and Jerusalem, expressing anger over Gallant’s removal amid the ongoing attacks by Israel on Palestine.
Netanyahu stated that the trust between him and Gallant had eroded, asserting, “In the midst of a war, more than ever, full trust is required between the prime minister and defence minister.” Gallant, however, has been advocating for a temporary diplomatic deal, suggesting that military efforts have laid the groundwork for negotiations to secure the release of hostages held by Hamas, a stance differing from Netanyahu’s call for sustained military pressure.
Gallant outlined his differences with Netanyahu, highlighting the need to end military draft exemptions for ultra-Orthodox men, the urgency of a hostage deal, and the establishment of an inquiry commission to investigate the political and security lapses surrounding the October 7 attack by Hamas.
Protests intensified following the announcement, with demonstrators blocking Tel Aviv’s main highway, waving Israeli flags, and lighting bonfires. Similar scenes unfolded outside Netanyahu’s residence in Jerusalem, where police presence escalated, and reports of scuffles emerged as protesters clashed with authorities.
Political leaders across the spectrum expressed shock at the decision, with Israeli President Isaac Herzog remarking that Gallant’s dismissal was “the last thing Israel needs” in this period of conflict.
