Glad that this govt won't present 6th Budget: Chidambaram on Budget 2018

Photo: PTI

Senior Congress leader P. Chidambaram said the latest Union Budget for 2018-19 as a whole has failed the people of India.

Speaking at the Loyola Institute of Business Administration during the critical analysis of the Budget, Chidambaram said the nation can see a grim picture for the immediate future of the Indian economy.

"Inflation will rise and fiscal deficit will widen. Macroeconomic stability has been compromised. Distress in farm sector continues. Young men and women will be left unemployed. Exports are way below. Every which way you look at it, this Budget has failed this country. In conclusion, all I can say after seeing this government's fifth Budget is that thank god this government will not present a sixth Budget," he asserted.

Former Union finance minister added that the government could have chosen to solve one of the challenges of fiscal consolidation, acute distress in the farm sector, delivery of welfare and job creation.

"As far as I am concerned, this government has turned out to be a thoroughly incompetent in managing the economy," he said.

Chidambaram further criticised the National Health Protection Scheme (NHPC), saying the government had no way to fund it.

"This scheme will not see the light of the day. If it does, it will be in a rudimentary form. Most diseases, procedures will be excluded. It will be so difficult to access the scheme that 90% of the people will not even make an attempt to access it," he added.

Earlier on February 8, the Congress leader slammed the latest Union Budget presented by the National Democratic Alliance (NDA) government and shot questions in this context at the leading dispensation, at the Rajya Sabha.

.


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel