Economic Survey 'bombastic', lacks basic facts: CPI(M)

CPI(M) general secretary Sitaram Yechury Thursday alleged that the Economic Survey is full of "bombastic" claims and "grandiose" declarations, but lacks basic facts.

The Left leader also said the survey "whitewashes" the "terrible" economic record of the last five years and hit out at the government over the resignation of top RBI officials.

The pre-Budget Economic Survey said India's economic growth will rebound from a five-year low this year, but would need a huge boost in spending and reforms to accelerate higher rate of expansion to double the economy's size to USD 5 trillion by 2024-25.

Stepping up private investments, exports and job creation will be key to achieving the target, the survey, presented in Parliament by Finance Minister Nirmala Sitharaman, said.

"The Economic Survey is full of bombastic claims and grandiose declarations without any basis in facts. Any growth strategy based on private investment will be a non-starter; economic growth needs more purchasing power amongst people, not more investment with higher unemployment," Yechury tweeted.

The survey "glosses over the major challenges faced by millions of Indians and whitewashes the terrible economic record of past five years", he said.

"The departure of so many RBI governors and previous CEA tells us of the harsh reality," the CPI (M) leader said on Twitter.