Senior Congress leader P Chidambaram, before presenting the budget for the financial year 2020-21, fears that Finance Minister Nirmala Sitharaman will try to make a golden story by smudging. According to Chidambaram, “There is no justification for wasting time on the 2020-21 budget.”
New Delhi: Senior Congress leader P Chidambaram said on Thursday before presenting the budget for the financial year 2020-21 that he feared that Finance Minister Nirmala Sitharaman would try to create a golden story by smudging. The former finance minister also alleged that the government is fully responsible for the decline in the economy before the Corona crisis.
According to the estimate made at the beginning of the year, not a single figure will be achieved. Revenue targets will be left behind by a big margin, capital investment will be severely hit, the revenue deficit will be around 5 percent and the fiscal deficit will increase to over 7 percent. “
Do not waste time on this year’s budget: Chidambaram
According to Chidambaram, ‘There is no justification for wasting time on the 2020-21 budget. It was initially catastrophic and would prove disastrous towards the end of the financial year. In this case, the revised estimate for 2020-21 will be a bundle of false figures and the budget estimate for 2021-22 will be a misleading speculation. “
Gave this suggestion to the government
The senior Congress leader suggested to the government, “Of late, the economy should be given a big financial boost. With such incentives, money will go into the hands of people and demand will increase.
Money should be given directly for at least six months in the hands of 20 to 30 percent of the families at the bottom of the economy. So that the closed units can reopen, the finished jobs start again and new jobs can be created for those who have average education and skills.
Chidambaram appealed to the government
Chidambaram urged the government to cut the tax rates, especially GST and other indirect tax rates (ie tax rates on petrol and diesel). Government revenue expenditure should be increased. Money should be channeled to public sector banks and encouraged to give loans on every loan without fear of oversight by the investigating agencies.
“He said,” Protectionist policies should be abolished, reconnect with the world, There should be bilateral trade agreements with more and more countries and prejudice against imports should be discarded. Sector-specific revitalization packages for telecommunications, electricity, mining, construction, aviation and tourism and hospitality should be made.
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