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Chidambaram terms $5 trillion goal 'pie in the sky'
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SME Times News Bureau | 11 Jul, 2019
Senior Congress leader and
former Finance Minister P. Chidambaram on Thursday branded the
government's target of making India a $5 trillion economy in five years a
"pie in the sky".
He also said that there was nothing in the just unveiled budget for the middle class or firm action to raise household savings.
Taking
part in a discussion in the Rajya Sabha, he sought to know from the
government about proposed structural reforms and how it planned to spur
economic growth and investment.
He hit out at the Modi government
for the slow economic growth and poor performance on capital
expenditure, terming the revenue targets for the current fiscal as
unrealistic given the trends in FY19.
On the government's target
of making India a $5 trillion economy in five years, Chidambaram said
people were being shown a "pie in the sky".
Critical of Finance
Minister Nirmala Sitharaman's budget speech, Chidambaram said it was
bereft of macro economic data and advised her to do a fact check of
various figures.
He said the calculation of the GDP for last fiscal year was different in the Economic Survey and the Budget document.
"Moreover,
according to the Budget document, growth projection is set at 8
percent, while the Economic Survey says 7 percent. There is no unified
picture of the growth rate from the government," he said.
The
former Minister also criticized the Budget for not giving specific and
complete data about foreign direct investment (FDI) and loans written
off for corporates.
He said that with 11-12 per cent nominal
growth, the rate of the economy will continue to double every five or
six years. "It is the magic of compounding.
"Any moneylender will be able to explain the same... It is simple arithmetic," Chidambaram added.
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