Time for contrition and change, not for boasts and no change: P Chidambaram on Economic Survey 2022

P Chidambaram (File image)

Senior Congress leader P Chidambaram on Monday attacked the government after it came out with the pre-budget Economic Survey, saying it is a time for "contrition and change", not for "boasts and no change".

The Economic Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament, said India’s economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1 and is well placed to meet the future challenges on the back of widespread vaccine coverage, supply-side reforms and easing of regulations.

The Economic Survey 2021-22 expects the economy to grow by 9.2 per cent during the current financial year, indicating a recovery to the pre-pandemic level.

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Attacking the government, Chidambaram said the Economic Survey repeats "ad nauseum" that at the end of 2021-22, the economy would have recovered to the pre-pandemic level (2019-20).

"In plain language, it means that on 31.3.2022 the GDP will be at the same level as it was on 31-3-3020. It means that it has taken two years to go back to where we were on 31-3-2020,” the former finance minister said in a series of tweets.

"The two years have impoverished people: millions of jobs have been lost; 84 per cent households have suffered loss of income; 4.6 crore have been pushed into poverty; India ranks 104 out of 116 countries in the Global Hunger Index,” Chidambaram said.

"This is a time for contrition and change (of approach), not for boasts and no change," he added.