NEW DELHI: Slamming the Budget, leading congress leader P Chidambaram On Saturday, he said the government completely denies that the economy faces a serious macroeconomic challenge and has given up reviving the economy, accelerating growth or creating jobs.
There is nothing in the budget that makes him believe that growth will revive in 2020-21 and the affirmation of a growth of 6 to 6.5 percent next year is surprising and even irresponsible, the former finance minister said at a conference Press
He said the government does not believe in reforms and certainly not in structural reforms, since the Minister of Finance has openly rejected every idea of reform in the Economic Survey.
Did the FM read the Economic Survey? Was the main economic advisor aware of the content of the Budget speech? I think the answer to both questions is negative, he said.
Live plus There were multiple themes, segments and programs in Budget's speech, leaving the listener stunned and confused, he said.
Era una larga lista de programas antiguos (actuales). Estoy bastante seguro de que incluso los plus leales BJP MP or supporter cannot hold on to any idea or statement in the Budget speech and take it to the people, said Chidambaram.
If the ongoing programmes have failed the people, how can throwing plus money into the ongoing programmes change anything, he asked.
The government has given up reviving the economy or accelerating the growth rate or promoting private investment or increasing efficiency or creating jobs or earning a greater share of world trade, he said.
The Indian economy is limited by demand and hungry for investment, and the finance minister has not recognized these two challenges, he said.
"You did not ask for such a budget and you did not deserve such a budget for voting the BJP to power. But you have to Live with it until the government is forced to revisit it, as it did in 2019," Chidambaram said.
The Minister of Finance, Sitharaman, announced cuts in personal income tax, extended tax benefits for affordable housing and gave relief to businesses by paying dividends in the Union Budget, as the government sought to boost consumption to get the economy out of the worst slowdown in 11 years.