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.

 <span class=Coronavirus Outbreak Govts fiscal stimulus package hopelessly inadequate says P Chidambaram" width="380" height="285" />

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.

Click here to follow LIVE updates on coronavirus outbreak

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.

Click here to follow LIVE news and updates on stock markets

"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.

Updated Date:

also read

New COVID-19 vaccine procurement policy will rejuvenate India's battle against pandemic; here's why
Blogs

New COVID-19 vaccine procurement policy will rejuvenate India's battle against pandemic; here's why

While the original plan of 30 crore fully vaccinated individuals by July may extend by a few weeks, the year-end target can be more ambitious

Copa America's fate rests in hands of Brazil Supreme Court amid surge in country's COVID-19 cases
Sports

Copa America's fate rests in hands of Brazil Supreme Court amid surge in country's COVID-19 cases

Already delayed by 12 months because of the pandemic, the Copa America nearly unravelled when original co-hosts Colombia and Argentina fell through at the last minute — the former because of violent anti-government protests, the latter because of a surge of COVID-19.

Euro 2020: Fans at England's European Championship games to use vaccine passports
Sports

Euro 2020: Fans at England's European Championship games to use vaccine passports

There will around 22,500 spectators for England's first two group games, against Croatia and Scotland at Wembley, with the stadium running at 25 percent capacity.