Senior Congress leader and former Union Minister P. Chidambaram. (PTI file photo)
Coronavirus Indian Economy: P Chidambaram alleged that along with the Corona epidemic, the condition of the Indian economy worsened due to the ‘inefficient and inefficient economic management’ of the government.
New Delhi. Senior Congress leader P Chidambaram on Tuesday expressed concern over the 7.3 per cent decline in the economy during 2020-21, saying if such a situation is to be avoided in 2021-22, the government will have to admit its mistakes and the opposition and economists. advice should be listened to. The former finance minister termed 2021-21 as the ‘darkest’ year of the last four decades in terms of the economy and also alleged that the government’s ‘inefficient and inefficient economic management’ along with the corona pandemic worsened the situation. He told reporters, ‘What was being estimated was the same. The economy registered a decline of 7.3 percent during the last financial year.
Chidambaram said that the GDP in 2018-19 was 140,03,316 crores. In 2019-20 it was Rs 145,69,268 crore and in 2020-21 it came down to Rs 135,12,740 crore. It tells the state of the economy of the country. He claimed, ‘The year 2020-21 has been the darkest year of the country’s economy in the last four decades. The figures for the four quarters tell the story of the economy. Chidambaram said, “Last year when the first wave of Corona epidemic seemed to slow down, then the Finance Minister and the Chief Economic Advisor started talking about the economy coming back on track … We had said that the economy needs strong help of stimulus package. ‘ He said that the most worrying thing is that the GDP per capita has gone below one lakh rupees.
Along with Corona, the Center is also responsible for the deteriorating condition of the economy
Chidambaram alleged, “Certainly the Corona epidemic has had a widespread impact on the economy, but inefficient and inefficient economic management has worsened the state of the economy.” He said, ‘The second wave of Corona is going on. It has caused more damage in terms of the number of infections and deaths than the first wave. If the year 2021-22 is not to be allowed to happen like 2020-21, then the government should wake up, accept its mistakes, change its policies and accept the advice of the opposition and economists. In response to a question, the former Finance Minister said that if the government feels that the note should be printed, then it can do it because India has a sovereign right to do so.
Indian economy to decline by 7.3 percent in 2020-21
Significantly, the country’s economy has declined by 7.3 percent in 2020-21, which is less than various earlier estimates about the decline. The reason for this is that the growth rate in the fourth quarter, just before the second wave of corona virus epidemic, is better. The growth rate of Asia’s third largest economy stood at 1.6 percent in the fourth quarter (January-March) of 2020-21. This is more than 0.5 percent in the previous quarter October-December 2020. There was an increase of 3 percent in the GDP (Gross Domestic Product) in the January-March quarter of the financial year 2019-20. (also from input language)