P Chidambaram, Congress party leader and former Finance Minister while speaking at the unveiling of his book “Speaking Truth to Power,” poked holes in the latest Economic Survey tabled in Parliament. He first termed that Prime Minister Narendra Modi’s proposal for a simultaneous election dubbed ‘one nation one election’ as a gimmick. He then went on to state that the Narendra Modi government’s claim to cascade 75 lakh new jobs by March is shocking and impossible considering India’s economy.
Chidambaram Supports his Facts
The Congress leader opposed Modi’s job creation plan by stating that if India can create 75 lakh jobs in the formal sector, then it must have created the same number of Jobs in the in the informal sector. He added that 150 lakh jobs are not possible with India’s current Gross Domestic Product (GDP). India’s present GDP stands at $2.264 trillion and the country will need about five times of its current GDP to create 150 lakh jobs.
Chidambaram went on to explain that if the plan is scrutinized in theory, it is exposed. He referred to previous data from the 2014/2015 Employees Provident Fund Organization (EPFO) which show jobs increased by 23 lakh the same year following a 7.5% economic growth. In 2015/2016 the numbers increased by 25 lakh when the economy grew by 8%. He then asked how it was possible to increase jobs by 75 lakh in 2016/2017 while the economy’s growth is supposed to grow by 7.1%. He compared India’s economy to China which has a GDP of around $11.2 trillion; five times India’s GDP. He simply tried to exhibit the how far India’s economy has got to be in order to create the 75 lakh jobs. The Congress leader reiterated that China is capable of producing 150 lakh jobs in a financial fiscal.
Calling Out BJP Government
Chidambaram agrees that jobs are the number one concern globally. He questioned the government’s only concern for creating 75 lakhs jobs while they were not bothered by other issues. He concluded that the government’s plan is not feasible and therefore could be a ploy for vote hunting.
Expectations from the Budget session in Parliament acknowledged that this time, the BJP will give incentives to small business and farmers to get back crucial voters they seem to have lost. Plans such as creating 75% lakh will probably attest to the fact that the strategy is a vote wooing tactic.
