Coronavirus Outbreak: Govt's fiscal stimulus package 'hopelessly inadequate', says P Chidambaram

The Congress on Monday said the fiscal stimulus package announced by the government is 'hopelessly inadequate' given the gravity of the economic crisis as it amounts to only Rs 1.86 crore, which is 0.91 percent of the GDP

Press Trust of India May 18, 2020 13:35:10 IST
Coronavirus Outbreak: Govt's fiscal stimulus package 'hopelessly inadequate', says P Chidambaram

New Delhi: The Congress on Monday said the fiscal stimulus package announced by the government is "hopelessly inadequate" given the gravity of the economic crisis as it amounts to only Rs 1.86 crore, which is 0.91 percent of the GDP.

The party sought a revised and comprehensive package of 10 percent of the GDP.

Senior Congress leader and former finance minister P Chidambaram said the stimulus package has left several sections like the poor, migrants, farmers, labourers, workers, small shopkeepers and middle class high and dry.

Coronavirus Outbreak Govts fiscal stimulus package hopelessly inadequate says P Chidambaram

File image of P Chidambaram. PTI

"We express our thorough disappointment and request the government to reconsider the stimulus package and announce a revised and comprehensive fiscal stimulus package of not less than Rs 10 lakh crore of real additional expenditure equivalent to 10 percent of GDP," he said at a press conference through video-conferencing.

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Chidambaram also accused the government of being opportunistic by pushing reforms. It is bypassing Parliament and a discussion on the package and this will be strongly resisted, he added.

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"I think the government is deliberately sidelining Parliament. A meeting of the Parliamentary Committee should at least be held to discuss the fiscal stimulus package," he said.

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