Published 22:11 IST, January 29th 2021
Chidambaram slams Economic Survey 2021; says 'Centre's best decision to not print it'
Slamming the Economic survey 2020-21, ex-Finance Minister P Chidambaram on Friday, he said that Centre had taken the best decision to not print the survey.
- Republic Business
- 3 min read
Slamming the Economic survey 2020-21, ex-Finance Minister P Chidambaram on Friday, he said that Centre had taken the best decision to not print the survey. Pointing that the Survey has failed to 'communicate to the people in simple language the state of the economy and the prospects in the coming year', Chidambaram said that the Survey had hailed FArm LAws, MSEM definition and Labour codes as the top three ‘structural reforms’. Claiming that the farmers have rejected the three Farm laws, MSMEs have said that they had got no relief and Trade Unions have rejected the four Labour Codes, Chidambaram said that the Survey had a 'self-congratulatory' conclusion of 'V-shaped' economic recovery.
Chidamabaram: New definition of ‘reform’ and ‘democracy’
"According to the Survey, the top three ‘structural reforms’ were the (1) anti farmer laws (2) the new MSME definition and (3) the four Labour Codes. The farmers have rejected the three Farm laws. The MSMEs have said that they had got no relief at all. The Trade Unions have rejected the four Labour Codes! What is reform is what the people have rejected. It is the new definition of ‘reform’ and ‘democracy’," tweeted Chidambaram
Economic Survey 2020-2021
Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey that details the state of the economy, ahead of the government's Budget for the fiscal year beginning April 1, 2021. The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The Indian economy can contract by 7.7% in the current financial year ending on March 31 and the growth could be 11% in the next financial year, according to the Economic Survey.
The CEA explained how the 'humane approach' to the pandemic 'saved lives and livelihood' as India battled COVID-19, stating that India's stringent lockdown helped save 37 lakh cases and 1 lakh lives. While the lockdown resulted in a 23.9 per cent contraction in GDP in Q1, the recovery has been a V-shaped one as seen in the 7.5 per cent decline in Q2 and the recovery across all key economic indicators, experienced a V-shaped recovery since then aided by a stable currency, comfortable current account, burgeoning forex reserves, and encouraging signs in the manufacturing sector output. The IMF has predicted a 11.5% growth rate for India in FY-22, followed by a fall to 6.5% in FY-23.
Updated 22:11 IST, January 29th 2021