New Delhi [India], June 2 (ANI): Hailing former trade union minister P Chidambaram for his criticism of the government’s management of the economy, Finance Minister Anurag Thakur said on Wednesday that Congress leader had ignored difficult data and “instead continued with” “and noted that the Indian economy will rebound in the coming times based on consistent reforms.
In a rebuttal to Chidambaram’s remarks yesterday in an interaction with the media, Thakur said constant reforms and solid foundations have ensured that India has a rapid rebound from a 24.4% contraction in the first quarter of AF 2020-21 to a growth of 1.6 per year. in the fourth quarter of AF 2020-21.
“The Indian economy is resilient and will recover in the coming times based on consistent reforms that have secured a solid foundation in these difficult times. I am not surprised that the former finance minister has chosen to ignore the difficult data and in instead, it has continued with ‘whataboutery’: Congress leadership has shaped this clueless approach over the years, ”he said.
Referring to the “gloomy forecast” portrayed by Chidambaram, Thakur said international agencies project that India will grow by 12.5 per cent in fiscal year 2021-22.
“While you doubt the resilience of India’s entrepreneurs, small businesses, traders and SMEs to resurrect, several international agencies project that India will grow by 12.5% in fiscal year 2021-22 , which makes us the only large economy that has projected double – digit growth, “he said.
“The Indian economy is an isolated island; are there other major economies that have not faced a contraction in GDP? Don’t you know that France, Germany, Italy and the United Kingdom contracted by 8.2%, 4 Canada, Russia, South Africa and the United States have also experienced a contraction in their GDP over the past year, despite disruptions in the globalized world, 9%, 8.9% and 9.9% respectively. India has remained resilient, ”he added.
He said it is clear that the blockade saved lives, the gradual unblocking allowed for green shoots.
“The GST record collection of 1.44 lakh crore – the highest so far – corroborates this. We recorded growth in passenger vehicle sales, two-wheeled sales, oil consumption, steel production, cement production, international air freight among other areas.Monthly monthly basic sector data also show that the eight core industries experienced a rebound.
The index of eight basic industries grew by 11.4% in March 2021 and an impressive 56.1% in April 2021. The latest GDP data show that the manufacturing sector grew by 6.9% in January-March quarter of 2021, the construction sector to 14.5%, the steel and cement sector grew by 27.3% and 32.7%, respectively, in March 2021. It is important note that as this growth exceeds the period prior to the March 2020 close, the two sectors grew by 400% and 549% in April 2021, ”he said.
As for cash transfers, Thakur said the NDA government (2014-19) disbursed 8 billion rupees in the acquisition of wheat and rice compared to 3.74 million rupees during the UPA period ( 2009-14).
He said the Modi government bought 74 times more impulses from MSP than those acquired during the UPA term (2009-14).
“The NDA government acquired 306.9 million tonnes of rice and 162.7 million tonnes of wheat in the last five years compared to the period 2009-13 during the UPA term, where only 176.8 million tons of rice and 139.5 million tons of wheat. ” of “deceiving farmers into agricultural laws,” he said, “farmers are happy and have differentiated the truth from the false narrative of congressional leaders.”
Referring to Chidambaram’s demand for “cash transfers”, Chidambaram asked if the PM-KISAN scheme “does not give cash to farmers”.
He asked how many bank accounts for the poor were opened during the UPA rule. “The Modi government, with the opening of 42 million Jan Dhan accounts, has stopped leaking the system, ensuring that every rupee reaches the intended beneficiary quickly, even during the COVID-19 pandemic by direct bank transfers. This it has provided financial training to millions of people, ”DBT said. it was also made to various other sectors of society and the total transfers exceed 68 billion rupees. “Isn’t that ‘cash in hand’?” he asked.
The minister said the NDA government increased the allocation of MGNREGA during the COVID-19 period last year from Rs 61.5 billion to an all-time high of over one thousand lakh. “We have also increased wages to 202 rupees,” he said.
He alleged that the UPA government “disbursed bad loans” when Chidambaram was the finance minister. “We have provided the industry with a £ 3bn government guarantee through the ECLGS program to sustain and revive its business. SMEs, hospitality, travel and tourism, leisure, sports sectors, healthcare , etc. are covered.The Modi government has adopted a response approach unlike its predecessor UPA.Public and private sector banks have sanctioned more than 2.65 million lakhs for NBFC accounts in addition to 92 lakhs Doesn’t this provide “cash” flow for businesses? ”He asked. (ANI)