May 15, 2022
Congress leader P Chidambaram asserted that the Indian economy’s state is the cause of extreme concern. He made this statement taking into account global and domestic developments.
Addressing a press conference, Chidambaram said that in the last eight years the slower rate of growth has been the “hallmark” of the present government. The post-pandemic recovery is “indifferent and halting”. Chidambaram heads the panel on economy constituted by Congress president Sonia Gandhi. He said, “The time is ripe for a comprehensive review of fiscal relations between the Centre and the states.”
Speaking of GST he said the consequences of the poorly drafted and unfairly implemented GST laws brought in by the Modi government in 2017 are in front of everyone. “The states’ fiscal position is fragile and needs urgent remedial measures,” he said.
He noted that the Congress-led government ushered in a new era of liberalization in 1991. He said that country had reaped enormous benefits in wealth creation, new business, and entrepreneurship a huge middle class, millions of jobs, exports, and lifting 27 crore people out of poverty during a 10-year period.
Chidambaram said, “After 30 years, it is felt that taking into account global and domestic developments, it may be necessary to contemplate a reset of the economic policies.”
Speaking of resent in economic policies he said, “A reset of economic policies must also address the questions of rising inequalities, extreme poverty among the bottom 10 per cent of the population, India’s rank in the Global Hunger Index 2021 (101 out of 116 countries), and evidence of widespread nutritional deficiency among women and children.”
He further added that the external situation has added to the pressures on the economy. The government appears clueless on the ways to deal with these developments. He said that he is confident that their deliberations over three days and the decisions that will be taken by the Congress Working Committee in the days and weeks ahead will make a significant contribution to the nationwide debate on the economic policies. It will best serve the interests of the country and its people.
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