14.9 C
New Delhi
Monday 16 December 2019
Economy Would have resigned if I were in Jaitley's place,...

Would have resigned if I were in Jaitley’s place, says Chidambaram

The present Budget talked about pegging the fiscal deficit at 3.3% of GDP by 2018-19, which seemed unlikely as the revenue and expenditure figures were "suspect", he said

Kolkata: Former Union minister P Chidambaram said today he would have resigned had he been in the shoes of Finance Minister Arun Jaitley, who was in an “unenviable” position while presenting this year’s budget.

“If I was in Jaitley’s position, what I would have done? I would have resigned,” Chidambaram told an interactive session organised by the Bharat Chamber of Commerce here.

He was speaking about fiscal consolidation in the context of the Union Budget for 2018-19.

“Jaitley must have been in an unenviable position to read out a Budget speech written by others,” he said.

Criticising the Budget, Chidambaram said the government was a total failure in terms of fiscal consolidation, the consequences of which were “frightening” in the sense that it would cause inflation and borrowing plans to go haywire.

“In such a situation, they might resort to savage taxation by hiking fuel prices as it is the biggest cash cow for any government,” the senior Congress leader said.

Chidambaram, a former Union finance minister, said although the central government had the good fortune of lower crude prices, it failed to pass the benefit on to the customers.

The present Budget talked about pegging the fiscal deficit at 3.3% of GDP by 2018-19, which seemed unlikely as the revenue and expenditure figures were “suspect”, he said.

About the Goods and Services Tax, Chidambaram said it was not the one which the previous UPA government had thought of.

“We suggested a single neutral rate of 18%. Now we have so many rates. This is not GST. It is giving a bad name to GST,” he said.

He said due to demonetisation of high-value currency notes, the farm sector came under stress and joblessness was witnessed in the small and micro sector.

He dubbed the National Health Protection Scheme announced in the Budget as “nothing but jumla (rhetoric)”.

Chidambaram was also critical of former president Pranab Mukherjee, also a finance minister in the UPA-II government, over the latter announcing a series of stimulus packages for reviving the private sector, hit by the recession of 2008.

“What I feel is that kind of spending done by the government was not wise. It did dent fiscal stability and caused huge inflation,” he added.

PTI

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply

Opinion

Justice That Is Instant Is Travesty

But neither the state nor society can wash their hands off this social craving for settling scores in the name of doing justice to the victim

Karnataka Voters Punished INC, JDS Leaders

Even the BJP was not confident of the result even as their leaders kept saying for public consumption they were winning all the 15 seats

The United States Of The World

The United States, stereotyped as the land of plenty and plentiful guns, is still a destination of choice for people from across the world

प्याज़ के आँसू न रोएँ — महंगाई से किसान, उपभोक्ता दोनों को फ़ायदा

जिस अल्प मुद्रास्फीति की वजह से वे सरकार से बहुत खुश थे, उसी 1.38 प्रतिशत की खाद्यान्न मुद्रास्फीति के कारण किसानों को अपने पैदावार के लिए समुचित मूल्य नहीं मिल रहे थे

CAB Can Correct Wrongs Of NRC

… if the government can fix the inept bureaucracy and explain what happens to those marked as aliens, as the neighbours are not taking them back
- Advertisement -

Elsewhere

NEFT transaction 24×7 beginning 16 December

NEFT is a method of online transaction, in which you can transfer to another bank account up to Rs 2 lakh online at a time

Decision to amend Citizenship Act 1,000% honest: PM Modi

'We have brought this law to give citizenship to minorities of Pakistan, Afghanistan and Bangladesh who have endured a lot of persecution'

Nirbhaya case convicts: Why 2 will take longer to die

Further, a source in the jail said while four rapists and killers of Nirbhaya are supposed to hang on one day, they have ordered 10 ropes

India to begin ODI series as favourites against West Indies

Shimron Hetmyer and Nicholas Pooran have shown their ability in T20; if the WI must challenge India, they will have to do the same in ODIs

‘Rahul Savarkar’ remark riles INC ally Shiv Sena

More newsworthy than the BJP's response that Rahul cannot even dream of being a Savarkar is the protest by Shiv Sena, INC's ally in Maharashtra

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: