Sivagangai (Tamil Nadu) [India]Feb 10 (ANI): Veteran Congress leader and former Union Finance Minister P Chidambaram on Friday took a jibe at the Budget 2023 presented by the Bharatiya Janata Party (BJP)-led central government, saying that this time the growth rate will not be 7 per cent. . years as per the claim of Govt.
Notably, according to the Economic Survey 2022-23, the economy is expected to grow by 7 per cent in real terms for the year ending March 2023. This is after a growth of 8.7 per cent in the previous financial year. Talking to the media,
Chidambaram said, “They have reduced subsidy on fertilizers and food. How can this be accepted? The growth rate this year will not be 7 per cent, as claimed by the central government.”
“They (BJP) have announced this budget on the premise that the government will invest and this country will develop rapidly. But this is not possible. It is neither economic nor practical,” he said.
The Congress leader further explained the reason behind his claim and highlighted the figures. He said, “The country’s growth rate will increase only if the private investment is high. In the current year (22-23) it was said to be Rs 7.50 crores. Investment was made by the government but 7.50 lakhs could not be invested. Only 7 lakh 28 thousand crores can be invested out of which 22,000 crores have been reduced. But now they say ten lakh crores are being invested. 7.5 lakh crores could not be done in 12 months we are now in 10 How can lakh crores be invested?”
India’s GDP is expected to grow by 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.
The Economic Survey 2022-23 has projected a baseline GDP growth of 6.5 per cent in real terms in the next financial year. The estimate is roughly at par with estimates provided domestically by multilateral agencies such as the World Bank, IMF and ADB, and by the Reserve Bank of India.
The optimistic growth forecast stems from several positives such as increase in private consumption, boost to production activity, higher capital expenditure (capex), near-universal vaccination coverage, people able to spend on contact-based services like restaurants, hotels Make The return of migrant workers to cities to work in shopping malls and cinemas as well as construction sites has led to a significant decline in housing market inventories, the survey said. (ANI)
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