(Image source from: thenewsminute.com)
Indian ex-Finance Minister P Chidambaram slammed the government of India asking them to borrow money or print more bank notes to spend on the fiscal deficit. He made these comments after the country's GDP dipped down by 7.3 percent for the financial year 2020-21. Chidambaram participated in a virtual press conference today and he made the above comments. He said that it is not the right time to worry about the fiscal deficit and instead of losing one more year, the government should act bold and spend for the people. He also asked the Union government to spend money by borrowing or printing.
"If you are not taking the right step, how can you handle the third and fourth wave of coronavirus" Chidambaram questioned the Finance Minister Nirmala Sitharaman. Though Nirmala Sitharaman said that the budget proposals will start flowing in, Chidambaram reminded that nothing of such sorts happened over these months. Chidambaram said that India has the right to print the money and he hinted of direct cash transfer for the beneficiaries during these needed times. "During the first wave of coronavirus, the Finance Minister began to sell the story of recovery and it was a false story. Their predictions went wrong badly. The per capita GDP fell below Rs 1 lakh to Rs 99,694 and the decline is 8.2 percent when compared to the previous year" told Chidambaram.
By Siva Kumar