Tag: pre pandemic level

India’s economy will not recover to pre-pandemic levels in the current financial year or in 2022-23 if the Narendra Modi government continues to take “foolish decisions,” said former union finance minister P Chidambaram here on Thursday.

Chidambaram said that the Centre’s four year National Monetization Pipeline is a foolish decision that is akin to giving away the country’s assets that were built by the Congress party over several decades.

“The recovery in 2022-23 may take us to the pre-pandemic level, provided the government does not take foolish decisions,” said Chidambaram while speaking to reporters.

Speaking further, the AICC core group committee member, said that along with demonetization and faulty roll out of GST, the Centre’s refusal to increase public expenditure during a pandemic was a foolish decision. “And a few days earlier they took another foolish decision to monetize national assets,” said the former Union minister.

Chidambaram said that India’s economy ended with negative growth in the last financial year with no hope of any recovery even in 2021-22.

“The GDP for this year will not go to the pre-pandemic level of 2019-20. 2020-19 was a decline. 2021-22 will show an apparent increase in the GDP but it will not go back to the pre-pandemic level. Only when it goes to the pre-pandemic level, can you call it a recovery,” said Chidambaram.