"There are no surprises in the 10-page Press Note issued by the National Statistical Office on the provisional estimates of Annual National Income for 2020-21," said Former union minister P. Chidambaram at a press conference on #GDP numbers. | reports @fewcan
@fewcan 2020-21 has been the darkest year of the economy in four decades. The performance in the four quarters of 2020-21 tells the story, Mr. Chidambaram said. | reports @fewcan
@fewcan Mr. Chidambaram said, "When the first wave of the pandemic appeared to subside last year, the Finance Minister and her Chief Economic Adviser began to sell the story of a recovery. They saw “green shoots” when no one else did. | reports @fewcan
@fewcan "They predicted a V-shaped recovery. It was a false story and we had expressed our strong reservations and warned there were no signs of a recovery," Mr. Chidambaram said. | reports @fewcan
@fewcan Mr. Chidambaram said, "The deeply worrying conclusion is that most Indians are poorer than they were two years ago."
@fewcan "The current state of economy is no doubt largely due to the impact of the pandemic, but it has been compounded by the ineptitude and incompetent economic management of the BJP-led NDA government," he added. | reports @fewcan
@fewcan World-wide experience has been ignored. Suggestions on fiscal expansion and cash transfers have been turned down. Hollow packages like #Atmanirbhar have fallen flat, Mr. Chidambaram said.
@fewcan Mr. Chidambaram says, "We are glad that the two leading chambers of business and industry — CII and FICCI —have, in the last few days, echoed our views and pleaded for fiscal expansion, including cash transfers to the poor." | reports @fewcan
@fewcan "The second wave of the pandemic is upon us. So far, it seems to be following the same pattern as the first wave, except that it has wrought more damage in terms of numbers of infections and deaths," he added. | reports @fewcan
@fewcan Mr. Chidambaram said, "If 2021-22 should not go the same way as 2020-21 did, the government must wake up, admit its errors of commission and omission, reverse its policies and heed the advice of economists and the Opposition." | reports @fewcan
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