A day after authorities estimates confirmed that India’s GDP contracted by 7.3 per cent in 2020-21, senior Congress chief and former finance minister P Chidambaram on Tuesday stated the federal government should get up and never lose yet one more 12 months, admit its errors of fee and omission, reverse its insurance policies, and heed the recommendation of economists.
He requested the federal government to print cash if wanted and improve spending.
Arguing that 2020-21 has been the “darkest 12 months of the economic system” in 4 many years, he stated the present state of the economic system is basically as a result of influence of the pandemic, but it surely has been compounded by the “ineptitude and incompetent” financial administration of the BJP-led authorities.
“Good recommendation by distinguished economists and famend establishments has been rebuffed…” he stated at an AICC press convention.
On printing cash, Chidambaram stated, “Now we have the house and the sovereign proper to print cash… In the mean time, I believe printing cash is clearly suggested.” He stated all indicators level to the truth that the economic system is in dire straits.
“Borrow and spend. If vital print cash and spend. Spend on healthcare, infrastructure however spend and as a part of spending, spend on welfare measures additionally…” he stated.