Economy At ‘Lowest Ebb’, May Recover In FY23 If Govt Doesn’t Take ‘Foolish Decisions’: Chidambaram

“Indian economy is at the lowest ebb. Please remember that last year we ended with negative growth in GDP…The GDP declined,” PTI quoted Chidambaram as saying.

Panaji: Asserting the Indian economy is at the “lowest ebb” right now, former union finance minister and Congress veteran P. Chidambaram on Thursday said it may recover in fiscal 2022-23 provided the Central government does not take any “foolish decisions”.

“Indian economy is at the lowest ebb. Please remember that last year we ended with negative growth in GDP…The GDP declined,” PTI quoted Chidambaram as saying.

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“The government talks of V-shaped recovery. In this year, the GDP will not be back to pre-pandemic level. It is only when the GDP goes back to the pre-pandemic level you can say it is recovering,” he added.

Chidambaram, who has been appointed by the Congress as the party’s election observer for Goa and is presently in the coastal state in a bid to take stock of the party’s readiness for the assembly elections to be held early next year, said the GDP’s recovery may happen in the year 2022-23.

“But everything will depend upon how many foolish decisions the government takes,” he added during a press conference in Panaji on the second day of his two-day visit to Goa.

Union Finance Minister Nirmala Sitharaman had last week said that she would not indulge in any number game about the GDP growth but the economy had shown signs of recovery and would recover.

Sitharaman, who was speaking to the media after launching the ‘Ubharte Sitaare Fund’ in Uttar Pradesh capital Lucknow, said Prime Minister Narendra Modi-led government was ready to extend any help that the economy may need on the path to recovery.

“At this time, I am not engaging in any number game. We hope the economy recovers and any more help the economy might need, we are willing to give,” she added.