Budget 2020: Explain growth rate revision: P Chidambaram to government

The Congress has alleged that the economic survey was ‘completely disconnected from the grim reality’ even as former Finance Minister P Chidambaram pointed to the downward revision of the GDP growth rate for 2018-19 to 6.1 per cent from 6.8 per cent estimated to contend that the real state of economy under the Modi regime was actually worse that what was believed to be so far.

“GDP growth rates for 2017-18 and 2018-19 have been revised downwards. The state of the economy under Modi-1 was actually worse than what we believed so far. Will the articulate and voluble ministers please speak on the state of the economy and explain the downward revision in the last two years and the drastic slide in the current fiscal year?”, tweeted Chidambaram. In AICC’s official statement Congress spokespersons Rajiv Gowda, Supriya Shrinathe and Gaurav Vallabh the survey made grand claims though India had the worst economy in 42 years.

“Unemployment is at a historic high. For the first time in four decades consumption has fallen; revenues are drying up drastically. The government has now resorted to spending slowdowns and delays in transferring the states’ share in GST”. They said growth projection was not credible.

“One look at last year’s projections of 7 per cent growth versus the actual below 5 per cent reality tells us we need to be prepared for even worse fiscal year in 2021. Optimism is welcome but the economic survey needs to have realistic believable projections.”

ET Energy World
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