The status-quoist of the budget does not seek radical reforms for faster growth: Chidambaram
New Delhi, July 8 () The senior leader of Congress and former finance minister, P Chidambaram, said Monday that the Union's budget for 2019-20 is a status quoist, since it seeks to achieve only incremental reforms and not radical reforms required by the country to grow Faster.
When giving a conference on the Budget of the Union: Will it fulfill what it promises? He said that there is nothing in the budget to attend to the poorest 20% of the poor.
This is a statu quoist budget of a government that talks about reform, but the idea of its reform is an incremental reform, it only brings changes to the margin. This is not the kind of structural reforms and radical reforms that this country needs. What we need radical reforms and the best example of a radical reformer is Dr. Manmohan Singh, he said.
He said that the budget does not have structural reforms, and if there are no structural reforms, it seems that they want to continue with the existing policies and reforms and achieve the kind of growth that this government foresees.
Chidambaram said that Singh brought radical reforms, when we broke the red book, when we abolished the license overnight and when we got rid of currency control and that despicable time. Those were radical reforms. I can not see any radical reform in this budget. Therefore, our country, our economy will remain a status quo for another year, he said.
Except business tax, any other number in this budget is suspect ... All the numbers are not credible, he argued, asking where the government intends to bring the revenues from.
The former finance minister also said that the amount of 70 billion rupees is totally insufficient for the recapitalization of banks.
On the great promise of turning India into a five trillion USD economy by 2024, he said: We will become a five trillion dollar economy by 2024 and will fulfill that promise. But I can also make my promise to turn India into a 10 trillion dollar economy in the next five years of 2024.
He said that a detailed study of the budget indicates that, in terms of significant investments and growth promotion activities, there are only 300 km of metro lines, 10,000 km of FAME and an accelerated movement of cargo transport along the Ganga River.
Taking into account that budget proposals have nothing to boost investment and when growth does not occur through a dramatically greater investment, it can only come from greater efficiency.
Given that, this level of investment is not going to give a dramatic increase in the growth rate, he noted.
The main leader of the Congress said: We are selling false narratives that the inflation index and consumer prices are low, but only to a certain extent and only for some people.
When we make radical reforms, we can see rapid growth, he said, adding that the country needs to grow rapidly to ensure there is enough investment to improve the state of education and health facilities in the country.
To a question about the sale of public sector companies by the government, he said that his personal opinion is that the government has the right to do business only when necessary.
All power supply units must be privatized and I have no reason to say why the government should own or run the power supply units. But there is a difference between corporatization and privatization and there is nothing wrong with corporatization, he said, stating that this is his personal opinion. . Chidambaram said that the increase in customs duties is intended to protect the national industry, but what will happen is that you will promote inefficiency and this is clearly a protectionist policy prior to 1991 that this government is adopting, which is wrong. SKC SKC ABH ABH ABH