Reaction to Economic Survey - Statement issued by Shri P. Chidambaram
STATEMENT OF P CHIDAMBARAM
The Economic Survey 2018-19 is the first of the new government and the first under the new Finance Minister, Ms Nirmala Sitharaman. The first sentence of Volume-1,
Chapter 01 is self-congratulatory (“During the last five years, India’s economy has performed well.”). I looked for the Outlook for 2019-20. It is in Volume-2, Chapter 01, but there is only a bland statement that “growth of the economy expected to be 7 per cent in 2019-20.”
There are no growth projections sector wise.
The closest in terms of describing the outlook for 2019-20 can be found in Volume-2, Chapter 02. The Economic Survey flags (1) slowing growth, (2) shortfall in revenue, (3) finding resources without compromising the fiscal deficit target, (4) impact of oil prices on the current account and (5) recommendations of the Fifteenth FC on central government finances. I am afraid, none of these is positive or encouraging.
It appears to me that the government, speaking through the Economic Survey, is pessimistic about the economy.