Why to boost the economy if it is already strong, asks P. Chidambaram
- IndiaGlitz, [Monday,October 30 2017]
Veteran Congress leader and former Union Finance Minister P.Chidambaram wondered what was the need for the BJP-led Centre to initiate measures to boost the economy which was in a ‘robust’ State as per claims made by the ruling party leaders.
Penning his thoughts on his Twitter account, Chidambaram said that if the Centre was genuine in its claim that the economy had been growing @ 7.5%, it need not be boosted further. Boosting takes places only when there is economic recession. Now that the Centre has been making efforts to ‘boost’ the economy, it has become apparent that the
economy hasn’t been progressing in the desired direction.
“During January-March, 2016, the economic growth had nose-dived and the prevailing scenario doesn’t encourage entrepreneurs to launch new industries/businesses. Loans offered by banks form only 10% of the total needs of these entrepreneurs; Centre can’t wash its hands off by merely funding the Banks.
In the interest of the country, the BJP-led Centre should openly announce that it won’t indulge in misadventures such as demonetization in future, he concluded in the backdrop of newspaper reports which said that the Centre had allocated a whopping Rs.2.11 lakh crores to banks for banking reforms.