Congress leader P Chidambaram on Monday called the government’s Rs 20 lakh crore economic package as hopelessly inadequate. He also asked for a revised and comprehensive package of 10% of the GDP. He said the package amounted to just Rs 1.86 crore, which is 0.91% of the GDP.
The stimulus package was announced by Prime Minister Narendra Modi during his address to the nation. The Centre has also pushed for new reforms in sectors such as agriculture, public sector enterprises, and defence production through the package.
The package among other things encourages banks to extend credit to small businesses for which the government has offered a guarantee. At a press conference, the former minister said that migrants, farmers, labourers and small shopkeepers have been left out of the package. He also accused the government of being opportunistic by pushing reforms by bypassing the Parliament. “ A meeting of the Parliamentary Committee should have been held to discuss the fiscal stimulus package,” he said.
Earlier another Congress leader Anand Sharma called the package “fraudulent” and “non-existential” saying that the fiscal cost of it is just 1.6% of the GDP and not 10% as claimed by Modi.