There is a plan behind $5 trillion economy: FM
July 12, 2019 16:01
Finance Minister Nirmala Sitharaman said on Friday that the Budget 2019 would boost investments without compromising on fiscal consolidation roadmap and hit out at former Finance Minister P Chidambaram for his jibe at the government's call for making India a five trillion dollar economy.
Replying to a general discussion on the Budget in the Rajya Sabha, she also said the big picture presented in the Budget was backed with a plan and comprehensive steps have been envisaged for the next 10 years.
She said every estimate projection that has been given is realistic. "When we say we have a vision for India, it's not without a plan. And the plan is to increase investment coming into the country," she said.
She said the target of the government to make India a USD 5 trillion economy was not "without a plan" and hit out at Chidambaram, who was not present in the house, for calling it "simple arithmetic" and "magic of compounding".
"Is that why during UPA, no attention was given to the economy but scandals were going on. All attention there. Economy will anyway double in every five years. Don't bother and concentrate on increase on personal income," she said amid opposition by Congress members.
"What is this, sir? What is former finance minister trying to imply," she said asking the Congress why it failed to double the economy in the first 60 years of the country.
The Minister said: "The inflation rate, the depreciation of the currency and the exchange rate...so many things will have to be managed so that country's economy doubles ...It is not that easy that only the money lender will keep an account."
She also gave point-by-point rebuttal of the charges levelled by Chidambaram, especially calling the government's tax collections including income tax and GST targets and projections as "unrealistic"."
All these are very realistic. We will absolutely receive these targets," Sitharaman said questioning Chidambaram's figure and its source.
Responding to the former Finance Minister's attack that "bold" decisions or "structural reforms" were missing from the Union Budget to fast-track growth despite a huge mandate, she said GST was the biggest reform that the BJP government took.
She also hit at Congress for putting obstacles in passing the GST Bill and Rahul Gandhi calling it 'Gabbar Singh Tax'.
On charges over farm distress, Sitharaman said the strategies adopted by the government to double farmers income was based on the Committee's recommendations. -- ANI
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