Congress leader P Chidambaram said on Monday that the Economic Survey showed that the Centre had admitted its failure to address the challenges faced by the education, employment and agricultural sectors of the economy.
The former finance minister said the government seemed to be hoping that it would overcome these challenges in the fifth year of its term. “It is clear that agriculture has been left in the lurch.”
Chidambaram said that while the Economic Survey claimed that the the growth rate for 2017-’18 would be 6.75%, “it offers little evidence in support of this claim”. “The growth rate in the first half was 6%, and the year is likely to end with a growth rate of between 6 and 6.5%.”
He added that the survey “prays” that the world economy maintains its growth momentum, and that oil prices do not persist at current levels, to achieve its economic objectives for the future.
The survey had said that the Indian economy is likely to grow at 6.75% in 2017-’18, and accelerate to 7%-7.5% in 2018-’19.
Chidambaram claimed that the survey showed that the government was depending on private sector investments and exports to boost growth. “It is obvious that the government has thrown in the towel and hopes that the private sector will come to the rescue of the economy!” he said. “There is not much gas left in the government. Altogether, it is a depressing report of the fiscal year that will come to an end in two months.”
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