Hyderabad, Feb 8 : Former Finance Minister P Chidambaram on Saturday said that the five trillion dollars economy target set by the NDA-led Modi government, will not be achieved even by 2024-25. Speaking on the Union Budget 2020-21 at a programme organized by his party at MJ College here, Chidambaram claimed that there is no clarity weather the 5 Trillion dollar economy goal was fixed on nominal or real GDP.
He said Chief Economic Advisor KV Subramanian, in the Economic Survey 2020, pushed back the $5 trillion economy goal to 2030 from 2024. "So why has he shifted the goal post? And why hasn't the government acknowledged that?" Chidambaram was of the opinion that demonization was a “monumental blunder and second blunder was GST", he said demonization had destroyed the entire industry and MSMES sectors leading to job losses.
He alleged that the economy is in shambles and most of the businesses are facing huge losses due to slow down. He went on to state that people are losing their jobs, government has cut subsidies on food and agriculture in the budget, explaining that this has badly affected Household consumption and impacted rural India and agriculture sector adversely. Chidambaram designated the government as being completely heartless and anti poor, alleging that the government has cut the budget for the mid-day meals which was adopted firstly by Tamil Naidu and later implemented the scheme nationally. He went on to cast his apprehentions regarding economic prospects for the current fiscal "in 2020-21, we will not see any investments, inflation will still be high and Indian economy won't see any signs recovery," Chidambaram pridicted.
Hitting out at the Modi government, he said that though the corporates have funds they are not coming forward to invest due to demand constrain in the country as a lot of manufacturing units are running below capasity. He labled the fiscal policy of the government as 'Tax terrorism' saying that the Modi government is transforming non-criminal laws into criminal laws by giving extraordinary powers the officers. (UNI)