India

Indian Economy Causes ‘Extreme Concern’, Time To ‘Reset’: P Chidambaram -By ASC


“External conditions have added pressure on the economy,” P Chidambaram said.

Udaipur:

Stressing that India’s economic situation is a source of “extreme concern”, senior Congress leader P Chidambaram today said that given global and domestic developments, it may be necessary to rethink economic policy.

Speaking at a press conference, Mr Chidambaram said the slower growth rate had been a “special feature” of the current government in the past eight years, and the post-pandemic recovery had been “indifferent and stalled”.

Mr Chidambaram, who led a panel on economics formed by Congress president Sonia Gandhi to lead discussions at the three -day ‘Chintan Shivir’ in Udaipur in Rajasthan, also said the time had come for a thorough review of fiscal relations between the Center and the state. .

The consequences of the poorly enacted and unfairly implemented GST law brought in by the Modi government in 2017 are there for everyone to see, the Congress chief said.

“The state’s fiscal position is as fragile as ever and needs immediate remedial measures,” said the former Finance Minister, flanked by several other panel members such as Gourav Vallabh and Supriya Shrinate.

Noting that the Congress-led government had ushered in a new era of liberalization in 1991, Mr Chidambaram said the country had reaped huge benefits in terms of wealth creation, new businesses and new entrepreneurs, a large middle class, millions of jobs, exports and adoption. 27 crore people are out of poverty in 10 years.

“After 30 years, it is felt that taking into account global and domestic developments, it may be necessary to consider a reshuffle of economic policy,” Mr Chidambaram said.

“The re-economic policy must also address the question of growing inequality, hardcore poverty among the bottom 10 per cent of the population, India’s position in the 2021 Global Hunger Index (101 out of 116 countries), and evidence of widespread malnutrition among women and children , “he added.

“External conditions have added pressure on the economy,” he said.

“The government does not seem to know how to deal with this development,” he added.

Mr Chidambaram further said, “I am confident our three-day discussions and decisions to be taken by the Congressional Working Committee in the coming days and weeks will make a significant contribution to the nationwide debate on economic policy that will best serve. the interests of the country and its people. “

Discussions at the ‘Chintan Shivir’ Congress, which started on Friday, will continue on the second and third days as well and the conclusions will be recorded in the form of a declaration.

The draft declaration will be discussed at the Congressional Working Committee (CWC) meeting to be held here on the third and final day of the conclave.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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