Budget: Cong’s to-do list for FM
On the eve of the Budget Session of Parliament commencing Friday, ex-Finance Minister P Chidambaram issued a “to-do list” for Finance Minister Nirmala Sitharaman calling for large fiscal stimulus.
Updated At:
Jan 29, 2021 07:20 AM
- Impart a large fiscal stimulus to the economy, even belated; such a stimulus alone will put money in the hands of the people and stimulate demand.
- Make direct cash transfers to 20-30 per cent of the families at the bottom of the economy at least for a period of six months, formulate and implement a rescue plan for MSMEs to revive closed units; reduce tax rates, especially GST and other indirect tax rates on petrol and diesel; increase government capital expenditure; recapitalise public sector banks immediately and encourage them to lend without fear of investigative agencies probing every loan; abandon protectionist policies, reengage with the world and enter bilateral trade agreements with as many countries as possible thereby removing a bias against imports.
- On agriculture, the former Finance Minister said: “Agriculture will grow at a satisfactory rate if the government does not arbitrarily disrupt the sector with anti-farmer laws and retrograde import/export policies for agricultural produce.” TNS