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A candid confession that the sooner so-called ₹20-lakh cr. bundle was a large failure, says ex-Finance Minister
Former Finance Minister P. Chidambaram on Tuesday stated the Narendra Modi authorities’s newest stimulus bundle was one other “sly attempt” to dazzle the people with exaggerated numbers.
Using a Hindi idiom, at a digital press convention, Mr. Chidambaram stated Finance Minister Nirmala Sitharaman’s bulletins on Monday had been like “digging a mountain to find a mouse” and asserted that the bulletins had been an admission that the ₹20-lakh crore Atma Nirbhar bundle was a ‘hoax’.
“The grand announcement on Monday was no stimulus package to push economic growth. It was another sly attempt to dazzle the people with exaggerated numbers and lead them to believe that the government is hands-on and responsive to their needs and the economy. It is also a candid confession that the earlier so-called ₹20-lakh crore package was a massive failure. It was a failure because it was a hoax.”
He additionally accused the BJP of adopting a “Maa-Baap” angle by telling authorities staff how they need to spend their cash and on what items and by when.
Also learn: Finance Minister’s stimulus concedes failure of ₹20 lakh crore Atma Nirbhar bundle: Congress
“Just as the BJP has been telling people what to eat, what to wear, what language to speak, who to love, who to marry etc., it is now trying to control people on their spending preferences. This is another piece of retrograde interference in people’s lives,” he alleged.
On Monday, Ms. Sitharaman had introduced money in lieu of LTC and an advance fee of part of wages to the Central authorities staff to generate shopper demand and claimed that the measures are seemingly to create a further demand of ₹73,000 crore.
“The numbers claimed this time too are a hoax. The stimulus is not of a value of ₹73,000 crore. Nor is it of the value of ₹1,00,000 crore — another number that has been thrown at us. The fiscal impact of these announcements is estimated by analysts to be a mere 0.1% of the GDP,” stated Mr. Chidambaram.
Reiterating the Congress demand of paying direct money incentive to the people on the backside of the earnings pyramid, he accused the Modi authorities of “stubbornly refusing” to pay attention.
“The most deserving people who need the money desperately have again been left in the cold. They are the bottom half of the families in India….I am sure they are watching the government’s pitiful efforts to revive the economy that will register a de-growth of 10% in 2020-21,” he stated.
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