PC: Bud­get an Eco­nomic Man­age­ment Fail­ure

The Economic Times - - Pure Politics -

Govt tar­gets Oppn, es­pe­cially UPA, for its fail­ure on sev­eral fronts dur­ing its regime; Congress says BJP-led NDA is ‘fum­bling, bum­bling and scram­bling ev­ery day’ post-de­mon­eti­sa­tion

New Delhi: Terming de­mon­eti­sa­tion as “the most ter­ri­ble mis­take in In­dia’s eco­nomic his­tory”, for­mer FM P Chi­dambaram has said that the gov­ern­ment was now scram­bling for cover af­ter in­ter­rupt­ing the In­dian growth story by this move.

“Through the year, es­pe­cially 2016 cal­en­dar year, or, 2016-17 fi­nan­cial year, you made a series of mis­takes, capped by the most ter­ri­ble mis­take in In­dia’s eco­nomic his­tory, and, that is, de­mon­eti­sa­tion. As a re­sult of that,youhavein­ter­rupt­edtheIn­dia’s growth story. You are strug­gling to find jus­ti­fi­ca­tion for what you did. You are fum­bling, you are bum­bling, you are scram­bling, and you are in­vent­ing a new nar­ra­tive ev­ery day,” Chi­dambaram said ini­ti­at­ing the de­ba­teon­the­bud­getintheRa­jyaSabha on Thurs­day. He re­ferred to the lat­est mon­e­tary pol­icy an­nounced by the RBI as a veiled dis­ap­proval of the bud­get pre­sented af­ter note re­call.

“Yes­ter­day, the Re­serve Bank de­clined to cut the pol­icy rate. Why? Please ask your­self, why?” Eight days af­ter the Bud­get is pre­sented, the RBI says, “no con­fi­dence in your Bud­get.” If your bud­get pro­jec­tions were right, if your bud­get num­bers were right, if your bud­get had cred­i­bil­ity, if the peo­ple sit­ting in Mum­bai be­lieved the peo­ple sit­ting in Delhi, they would have cut the in­ter­est rate as well. They did not. Why? It is be­cause they don’t be­lieve your GDP num­bers. They don’t be­lieve the kind of ag­gres­sive rev­enue pro­jec­tions that you are mak­ing. They don’t be­lieve that you will achieve your ex­pen­di­ture tar­gets. They don’t be­lieve your fis­cal deficit n u m b e r, ” Chi­dambaram said.

‘Demo’ most ter­ri­ble mis­take in In­dia’s eco­nomic his­tory, says for­mer FM

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