Govt appears to be pessimistic about economy: Chidambaram on Eco Survey

The government’s Economic Survey for 2018-19 is “bland” and "pessimistic",  said Congress leader and former finance minister P Chidambaram on Thursday.

Chidambaram, who had four stints as finance minister, said the survey didn’t have sector-wise growth projections. "It appears to me that the government, speaking through the economic survey, is pessimistic about the economy." 

"I looked for the Outlook for 2019-20. It is in Volume-2, Chapter 01, but there is only a bland statement that growth of the economy expected to be 7 per cent in 2019-20. There are no growth projections sector wise," he said.

The Congress leader said the closest in terms of describing the outlook for 2019-20 can be found in Volume-2, Chapter 02.

"The economic survey flags (1) slowing growth, (2) shortfall in revenue, (3) finding resources without compromising the fiscal deficit target, (4) impact of oil prices on the current account and (5) recommendations of the Fifteenth Finance Commission on central government finances. I am afraid, none of these is positive or encouraging," he said.

According to the economic survey, India's economic growth, which is expected to rebound from a five-year low to 7 per cent this year, now needs to shift gears to accelerate and sustain a higher growth rate to become a USD 5-trillion economy by 2024-25.