Another restructuring is needed similar to the economic restructuring of 1991- Dinamani
The country’s economy, which has been plagued by stagnant growth for 8 years, needs another restructuring; The economy needs to be restructured as in 1991 to prevent disruption; Former Finance Minister and Congress Party leader P. Chidambaram has said that Congress will soon put comprehensive decisions in front of the people.
P Chidambaram is chairing an economic committee constituted by party chief Sonia Gandhi at an advisory meeting of the Congress party on new commitments in Udaipur, Rajasthan.
Members have been expressing their views since Friday in the meeting of the 60-year-old group. Meanwhile, Chidambaram shared the views of his group with journalists. then he said:
Over 400 Congressmen have gathered in Udaipur to discuss the country’s political situation and the state of the economy. In it we will report our comprehensive findings.
The condition of the Indian economy is very worrying. The lowest growth rate of the last 8 years is the charter of the present government. As a result of the government’s negligence in the post-pandemic recovery, the growth projections for 2022-23 have been periodically lowered over the past five months.
The inflation is unacceptably high due to the misguided policy of the state government. This is especially due to higher taxes on petrol and diesel and higher GST tax rates.
This is an unprecedented level of unemployment for the youth. The labor force participation rate (LFPA) is at an all-time high of 40.38 percent. The unemployment rate is 7.83 percent.
9 percent of the total expenditure on social development projects (including grants) was allocated over the 10 years between 2004-2014. This has been reduced to an average of 5 per cent in the last 8 years under the current regime. The prudent approach is to make it a priority. The reason for this is that 10 percent of the country is living in extreme poverty. India ranks 101st (116th) in the world in terms of hunger.
The situation outside the country also included economic pressures. The government is not finding ways to deal with these situations properly. As a result, investments worth $22,000 million have left the country in the past seven months. At the same time, Narendra Modi came to power saying that if he made himself the prime minister, the dollar would depreciate to Rs 40. Investments are leaving the country at risk of inflation and high interest rates. This government needs to understand the reasons for the devaluation of the rupee against the dollar.
In 1991, the Congress-led government ushered in a new era of liberalisation. Over the next 10 years, the country has reaped the benefits of economic creation, new industries, new age entrepreneurship, creation of the largest middle class, millions of jobs, exports and lifting 27 crore people out of poverty.
After 31 years, Congress has vowed to reshape economic policies in the light of global and domestic development.
Various domestic and foreign studies mainly point to growing imbalances, poverty, hunger, malnutrition, poor education and poor health. Thus a further economic reform is needed to bring about economic renaissance to avert disasters.
This then requires a comprehensive study of Centre-State financial relations. The unjust implementation of the GST Act by the Modi government in 2017 has resulted in an unprecedented weakening of the financial position of the states. States have not been able to mobilize any financial resources because of the GST Act. Hence there is an urgent need for corrective action.
Currently, the GST compensation to state governments (for 5 years) expires on June 30. It should be extended for another 3 years.
We are not preparing the report here. But the decisions made here may be reflected in the 2024 DOTAL report. Our three-day discussion will focus on economic policies that best serve the interests of the people. It will make a significant contribution to the nationwide debate.
In 2003-04, BJP campaigned to make India shine. But Congress called it false propaganda. BJP was defeated by the people. Now Prime Minister Modi has started broadcasting another India Light campaign again.
In such a situation, we hope that in this meeting people will be able to present an alternative economic plan to defeat the Modi government.
You are asking the BJP government to present the results of the Congress Uthaipu meeting in the form of new policies. They won’t listen to us. We had said in the dotal report of 2019 that we will fill all the vacant posts of the central government.
What Congress has said, this government is not filling the vacancies. Now the army, paramilitary force,
All central government places like railways have been left incomplete. It is against various parties including youth.
The private sector can provide employment to a limited extent. Mostly provided by the government. But what will happen to graduates if the government closes its doors?
Congress failed miserably due to not taking all this properly to the people. “We have come together to try to further sharpen our communication skills,” Chidambaram said.