Chidambaram: Many Left “High And Dry”; Shreds Economic Package

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Chidambaram:Many Left

Today, former Finance minister P Chidambaram also a Congress leader said that the mega relief package by the government for the economy, devasted by the coronavirus has left several sections high and dry. He has requested the government to reconsider the package.

The relief package is worth over Rs. 20 lakh crores.
He stated that a package of Rs. 1,86,650 crore which makes 0.91 percent of GDP will be improper as the economy is hampered severely by the pandemic and people are in crisis.

He urged the government to announce a revised package of “not less than Rs 10 lakh crore of real additional expenditure equivalents to 10 percent of GDP”.

Mr. Chidambaram also accused the government of bypassing parliament and a discussion on the package. “I think the government is deliberately sidelining parliament. The government is being opportunistic by pushing reforms, it is bypassing discussion in parliament and this will be resisted,” the Congress leader said.

Chidambaram added that the presiding officers are not responding regarding parliament and that they are saying rules for not permitting the meeting.

Over the last five days, Ms. Sitharaman had unveiled the finer details of the fiscal stimulus in five phases after Prime Minister Narendra Modi last Tuesday announced a Rs 20 lakh crore special economic package, equivalent to 10 percent of India’s GDP, for the country to become ”self-reliant” and deal with the COVID-19 crisis.

The first phase worth Rs. 5,94,550 will be dedicated to loan guarantees worth Rs 4.5 lakh crore to help MSMEs and other sectors.
The second phase which is worth Rs 3,10,000 crore will provide free food grains to millions of migrants for the next two months and Rs 3,500 crore will be spent on food for nearly 8 crore migrant workers, Finance Minister Nirmala Sitharaman said.

In the third round of announcement, Rs 1,50,000 crore was dedicated to strengthening farm-gate infrastructure and aggregators like Farmers’ Producers Organisation, agricultural entrepreneurs, and primary agriculture cooperative societies.

The announcements of Day 4 included reforms to eight sectors, including a 25 percent increase in FDI in the defense sector and removal of the government monopoly on coal mining. There will also be ease in restrictions on Indian Airspace.

On Sunday, in the final set of announcements. Ms. Sitharaman declared a big boost in spending on the MNREGA scheme, an upped borrowing limit for states, more relaxations for private players, and big changes for health and education sectors.

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