India

India’s economy a cause for ‘extreme concern’, it’s time for a ‘reset’: B Chidambaram -by Ecork

“The external situation has increased pressures on the economy,” P Chidambaram noted.

Udaipur:

Grand Congress Leader P Chidambaram today emphasized that the state of the Indian economy is a cause for “great concern”, considering global and domestic developments, it may be necessary to consider a readjustment of economic policies.

At a press conference, Mr. Chidambaram said that the slowdown in the growth rate had been the “characteristic” of the current government in the past eight years, and that the recovery after the pandemic had been “indifferent and stalled”.

Chidambaram, who chairs the Economics Committee set up by Congress President Sonia Gandhi to lead discussions at the three-day “Chintan Shivir” in Udaipur, Rajasthan, also said it was time for a comprehensive review of the financial relations between the center and the states. .

The conference leader said the consequences of the poorly drafted and unfairly implemented GST laws introduced by the Modi government in 2017 are there for all to see.

The former finance minister, who was flanked by some of the other members of the committee, such as Gaurav Vallabh and Supriya Shrinati, said, “The states’ financial situation is unprecedentedly fragile and needs urgent remedial action.”

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

“After 30 years, there is a feeling that taking into account global and domestic developments, it may be necessary to consider a readjustment of economic policies,” Chidambaram said.

“Resetting economic policies should also address issues of rising inequality, extreme poverty among the bottom 10 percent of the population, India’s ranking in the Global Hunger Index 2021 (101 out of 116 countries), and evidence of widespread undernourishment among women and children.”

He pointed out that “the external situation has increased pressures on the economy.”

“The government seems ignorant of how to deal with these developments,” he added.

Chidambaram also said, “I am confident that our three days of deliberations and decisions to be taken by the Congressional Action Committee in the coming days and weeks will contribute significantly to the national debate on economic policies that will best serve the interests of the nation and its people.”

The discussions in the “Chintan Shivir” Congress, which began on Friday, will continue on the second and third days as well, and the results will be recorded in the form of an announcement.

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

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

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