INSUBCONTINENT EXCLUSIVE:
ANI |
Updated: Feb 04, 2020 01:41 IST
Chennai (Tamil Nadu) [India], Feb 4 (ANI): Former Finance Minister P Chidambaram on Monday said that the most logical way to
stimulate demand is to put money in the hands of a large number of people.Speaking at an event here while analysing the budget, Chidambaram
said, "The most logical way to stimulate demand is to give a large number of people more money.""What has this budget done to stimulate
demand? The most logical way is to give people more money
The people who need more money are not those who already have money
It is mass consumption that will stimulate demand and not elitist consumption," he said.The Congress leader asked, "What is the state of the
economy? For six quarters for which figures are available, growth has declined
After every quarter, the government said it will turn around in the next quarter
It is an alarming trend.""CPI inflation has crossed 7 per cent, food inflation crossed 10 per cent
The economy is in distress
It requires a very radical approach," he said
"To begin with, the doctor has to acknowledge the patient is ill
Unless the doctor faces the truth about the state of the patient how can the doctor prescribe a treatment," Chidambaram said in the context
of the economic distress.Stating that finances are greatly stressed and none of the engines of growth are firing, Chidambaram further said,
"In the period of April-November, the mining sector declined by 0.1 per cent, coal declined by -5.3 per cent, gas declined by -3.1 per cent
and refining by -1.1 per cent.""Imports declined by eight months in a row
Exports declined by five months in a row -- in every sector -- leather, handicrafts, cotton and sugar," he said
"Therefore the Finance Minister should have asked her team that if this is the state of affair, give me a reason for this," Chidambaram
