Former finance minister P Chidambaram hit out at the Modi government’s Economic Survey 2019 stating that it presents a pessimistic outlook for 2019-20.
The Economic Survey is an annual document with an outlook of developments in the economy, along with a glimpse into the country’s economic hits and misses. It is prepared by advisers to the Finance Minister and tabled in Parliament a day before the Union Budget.
“I looked for the Outlook for 2019-20. It is in Volume-2, Chapter 01, but there is only a bland statement that “growth of the economy expected to be 7 per cent in 2019-20,” Chidambaram said in a statement.
Also read: India’s economic survey and the quest for a $5 trillion economy
The senior Congress leader stated that the closest in terms of describing the outlook for 2019-20 was the chapter on fiscal developments, which flagged slowing growth and a shortfall in revenue. It spoke about finding resources without compromising the fiscal deficit target, the impact of oil prices on the current account and recommendations of the Fifteenth Finance Commission on the central government finances but none of them were positive or encouraging.
“It appears to me that the government, speaking through the Economic Survey, is pessimistic about the economy,” Chidambaram said.
Statement of P. Chidambaram pic.twitter.com/eGeYYEAuTS
— P. Chidambaram (@PChidambaram_IN) July 4, 2019
Also read: Economic Survey 2019 denies economic slowdown, calls it ‘slight moderation’
The Economic Survey pegged the real GDP growth for FY20 at 7 percent, reflecting a recovery in the economy after a deceleration in the growth momentum throughout FY19.