Senior Congress leaders staged an attack on the ruling government over the Economic Survey - that projected an 8-8.5% growth in 2022-23 - saying that the economy will be in the same position as it was just before the beginning of the pandemic.
Former Finance Minister P Chidambaram, in a series of tweets, attacked the government and advised them that it was a "time for contrition and change of approach, not for boasts"
"The two years have impoverished people, millions of jobs have been lost, 84 percent households have suffered the loss of income, 4.6 crore have been pushed into poverty, India ranks 104 out of 116 countries in the Global Hunger Index," Chidambaram said in a tweet after Union Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in Parliament.
"In plain language, it means that on March 31, 2022, the GDP will be at the same level as it was on March 31, 3020," he added.
Congress spokesperson Randeep Surjewala too criticised the government on the Economic Survey. Surjewala said that the Economic Survey is a classic case of "what statistics say" versus "what they actually reveal".
Supporting his argument, Surjewala said, "It clearly reveals 'Intrinsic Weakness of the Economy' and the 'Gross Economic Mismanagement' by the Modi Government. Growth Numbers reveal that even in FY2021-22, economy will be of the same size as in FY2019-20."
"For 8-8.5 per cent GDP growth, we require investment to GDP ratio of 38.25 per cent. But who will invest when demand isn't picking up in economy?" he asked
"Is 8-8.5% GDP growth for FY 23 another Jumla!"
Surjewala claimed that the total debt of the center will blow up to rupees 136 lakh crore from rupees 53 lakh crore by March 2022.
"If revenue expectations are too good and on target as reflected in Survey, why will each Indian owe Rs 1 Lakh by March 2022, a loan they have never taken!"