BJP pushed people into poverty: Chidambaram
The Congress on Sunday said the country needed to be “rescued from the hands of incompetent economic managers” and the ruling Bharatiya Janata Party (BJP)’s philosophical belief in a “coercive economic regime” and “artificial principle of oneness”.
Presenting the formal resolution on the economic situation in India at the 84th plenary session of the party, former finance minister P Chidambaram said the Modi government’s record on managing the economy had been abysmal. Whichever party comes in the government 12 months from now will face a crisis, he said.
Four years of the Modi government has pushed more people into poverty than pulling them from it, Chidambaram said.
“One party which can pull this country out of crisis is the Congress party. I say that not out of arrogance, not out of conceit. I say that because we have done it before and we will do it again,” Chidambaram said.
“To all those worried about the banking system, let me give this assurance. We solved India’s NPA bad loans’ problem at the worst time in 2008-09, after the international financial crisis. We have done this before; we will do it again,” the former finance minister said.
Of late, Chidambarm has been under pressure with Karti being investigated in a corruption case and currently in judicial custody. Alluding to the trials his family has recently faced, Chidambaram said: “Some thought that I would not stand here today to speak to you and present the economic resolution.” But, he said, he drew courage and strength from each of the workers present in the stadium, and the “steel” in him had been instilled because of his
stay in the Congress for 45 years.
He asked party workers to treat the Modi years as a “bad memory”. “We will come back with friends and allies in 2019 and take the country forward,” he said.
The Union Budget 2018-19 has also not provided any answers to solve the country’s problems and is the “handiwork” of a “completely helpless, completely clueless, completely directionless” government.
He credited successive Congress governments to have laid the foundations for economic growth. Chidambaram said a Congress government would always achieve growth with a human face and weigh in favour of the poor.
The economic resolution promised an end to tax terrorism, and overbearing regulation, large investments by the state in education, health care and social safety.
It said the government’s economic policies had led to real agricultural growth and revenues stagnating for four years.
“The Congress party believes in the twin goals of inclusive economic growth through private enterprise, a competitive and viable public sector and a robust social safety net through a strong welfare state.”
During the current government rule, banks were on the brink due to mounting NPAs. The demonetisation and the goods and services tax have destroyed jobs.
The resolution said all of the ~15.4 trillion of old currency notes had come back to the RBI. Demonetisation also caused the loss of 100 lives.
On the banking crisis, it said: “The starting point was unwarranted criticism of the telecom, coal and power sector policies of the UPA government that was trumpeted by the BJP and that has brought many telecom and power sector enterprises to the brink of bankruptcy.”
As a result, it said, gross NPAs of the banking sector had trebled since 2013-14.
“Several favoured business persons with contacts in high places have been allowed to defraud the banks.