Ex-FM Chidambaram backs NYAY, says India has capacity to implement scheme

Chennai, Mar 27 (ANI): Former finance minister and Congress veteran leader P Chidambaram on Wednesday backed minimum income guarantee poll promise made by party president Rahul Gandhi. Pitching a strong defence to the scheme, he said that Congress believes that India has capacity to implement the scheme. "Size of India's economy today is Rs 200 Lakh Cr and in nominal terms it'll increase by about 12% per year. In about 6 yrs it'll double. So in 5 yr b/w 2019-2024 size of India's GDP would've grown from about Rs 200 Lakh Cr to Rs 400 Lakh Cr," said Chidambaram. "Expenditure of GoI and all states put together is about Rs 60 Lakh Cr, revenues are growing at about 18% so amount available to central and state government will double in about 5 yrs. So we believe India has capacity to implement this programme," he added.