Can’t deliver USD 5-trillion economy without a plan: Prithviraj Chavan

Mumbai: Concerned by the ongoing economic slowdown, the former Maharashtra chief minister Prithviraj Chavan stated, the Centre is unable to manage the economy, things have gone out of its hands after the implementation of higher tax rates and the building of a five-trillion dollar economy is a myth, as the government has no efficient strategy for its implementation.

“I will be the happiest person if India transforms into a five-trillion dollar economy, but you cannot deliver without a strategy, the present economic slowdown reflects the strategy-less promise,” said Chavan on Tuesday.

The country is going through a major economic crisis, with a stagnant investment rate, unemployment at its highest in 45 years and the automobile and real estate sectors undergoing losses even while the farmers continue to be in distress.

“The GDP rate is below five per cent, unemployment rate is high and economic reforms are the need of the hour,” he added.

He suggested that the government forbid tax terrorism and invest in the automobile industry for the procurement of heavy vehicles to replace the old ones.

“The government borrowed Rs 1.36 crore from the RBI but no explanation has been given regarding the usage of these funds. This clearly shows the government has run out of funds,” said the former CM.

Between 2014 and 2019, scams and frauds involving financial institutions have increased from Rs 10 crore to Rs 71 crore and the government is hiding facts related to per capita income and growth rate, he pointed out.

Talking about the upcoming state elections, the senior Congress leader said, the prime agenda of the Congress party, if it comes into power, would be be economic reformation and revival of micro, medium and small-scale industries.

“Mumbai is the financial capital of the country and also the capital of the state. Hence restoring economic stability in Maharashtra will be our prime objective,” he said.

Reacting to the Vanchit Bahujan Aghadi (VBA) chief, Prakash Ambedkar’s comment on the discontinuation of his party’s alliance with the Congress, Chavan informed, the VBA and Congress were still in the midst of seat-sharing talks.