New Delhi: Ex-Finance Minister P. Chidambaram on Thursday censured the Centre for its claims on restoring the economy. Chidambaram said the economy was mostly defined by the market, by the laws of demand and supply, and by the buying power and the sentiments of the individuals, which are missing as of now.
He included, “Unless the government places money in the hands of the bottom half of the families and places food on the plates of the poor, the economy will not revive smartly.”
The Congress chief said in the event that the government questioned about what he stated, at that point just listen to the voices of the voters of Bihar on their existential crisis — no work or not enough work, no income or little income, and their thoughts are on surviving, not on spending.
He additionally said that RBI Governor, DEA Secretary, and the SEBI Chairman should tell the FM, as one, that by far most of the individuals don’t have the cash or the tendency to purchase goods and services.
Chidambaram taunted, “Is it not intriguing that the RBI Governor, the SEBI Chairman, and the DEA Secretary should speak on the same day on the same subject? All three have attempted to ‘talk up’ the economy. I wish the economy was a circus lion that would respond to the stick of the ringmaster!”
The ex-Finance Minister was censuring the announcements made by the RBI Governor and the Economic Affairs Secretary.
On Wednesday, Reserve Bank of India (RBI) Governor Shaktikanta Das stated that India is at the doorstep of a recovery cycle from the ongoing COVID-19 pandemic.
Talking at an event, he said that it is significant that the financial entities have satisfactory capital to help the development. He remarked that a significant number of them have already raised capital while others are intending to do likewise.
He said that after the COVID-19 pandemic is restrained, the government should illuminate a fiscal roadmap for the nation.
Tarun Bajaj, Economic Affairs Secretary on Wednesday said the Center is open to additional measures to support the economy.
Partaking at a CII function, he said that the government has gotten suggestions from different ministries and divisions on the required measures.
Bajaj moreover said that while setting up the following Union Budget, the government would be taking a look at expenses during the current year and the prerequisites of different ministries.
