Government failed to match UPA record: Congress survey

NEW DELHI: On the eve of the government’s presentation of the Economic Survey, the Congress fielded former PM Manmohan Singh and ex-FM P Chidambaram to unveil the party’s critique of the mid-term economic management by the NDA regime.

‘The Real State of the Economy 2017’ criticised the government for “steep decline” in GDP, employment generation, capital investment, credit growth etc. The Congress document also claimed that the Centre’s decision on demonetisation has hit the economy and its potential to revive.

Explaining the rational of its economic review prepared by the AICC research wing headed by party MP Rajeev Gowda, Manmohan Singh said: “That the Indian economy is not in good shape is now obvious. The IMF has projected that growth rate of India in the current fiscal year will not be 7.6% but 6.6%. Several other agencies too have made similar projections and it’s for you make what the truth is.

This is a contribution to the ongoing debate on where the economy stands, where it is heading and what is to be done to pull it in the right path.”

With speculation rife about the Budget unleashing Universal Basic Income (UBI), Banking Cash Transaction Tax (BCTT), etc, Chidambaram, who had already questioned economic viability of UBI, said even BCTT “is an idea that has passed its sell-by-date.”