New Delhi: Asserting the “Indian economic system is resilient and can rebound within the occasions forward primarily based on constant reforms which have ensured robust fundamentals by way of these troublesome occasions”, Minister of State for Finance and Company Affairs Anurag Thakur on Wednesday hit again at ‘clueless’ Congress chief and former union finance minister P. Chidambaram over his criticism of the federal government with regard to the financial slowdown.
Stating he’s not stunned that the previous union finance minister “selected to disregard arduous knowledge and as a substitute went forward with whataboutery”, Thakur alleged the “Congress management has embodied this clueless strategy over time”.
The Union Minister mentioned constant reforms and powerful fundamentals have ensured India had a swift rebound from a contraction of 24.4 % within the first quarter of fiscal yr 2020-21 to a development of 1.6 % within the fourth quarter of fiscal yr 2020-21.
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“When you doubt the resilience of Indian entrepreneurs, small companies, merchants and MSMEs to revive themselves; numerous worldwide companies venture India to develop by 12.5% in FY 2021-22 making us the one main economic system to have a projected double-digit development,” he added.
Thakur additional mentioned India has “remained resilient” regardless of the “disruptions within the globalised world”.
“Is the Indian economic system an island in isolation; produce other main economies not confronted a GDP contraction? Are you not conscious that France, Germany, Italy, UK contracted by 8.2%, 4.9%, 8.9% and 9.9% respectively? Canada, Russia, South Africa, USA too have seen contraction of their GDP prior to now yr,” he requested.
The Union Minister additionally lashed out at Chidambaram on Twitter and whereas citing the Central Statistics Workplace’s graph posted “solely an ostrich would deny this isn’t a V-shaped graph”.
Thakur’s outburst towards Chidambaram got here a day after Chidambaram lashed out on the authorities on the present GDP and mentioned the fiscal yr 2020-21 was “the darkest yr of the economic system in 4 many years”, which left “most Indians poorer than they had been two years in the past”.
“2020/21 has been the darkest yr of the economic system in 4 many years. The efficiency within the 4 quarters tells the story… the primary two witnessed a recession (-24.Four and -7.Four per cent)… efficiency within the third and fourth quarters didn’t herald a restoration,” he mentioned.
The previous union finance minister’s remarks got here because the GDP numbers launched earlier on Monday confirmed the Indian economic system had contracted by 7.three % over the fiscal yr 2020-21.
Advising the federal government to “act boldly, borrow or print cash and spend”, Chidambaram mentioned: “This isn’t the time to fret concerning the fiscal deficit. So what if the deficit widens to six.5%? We will’t lose one other yr like we misplaced the final yr. However the best way the federal government is reacting, we’re going to lose one other yr.”
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