Budget should focus on falling imports, impact of slowdown: Chidambaram

Senior Congress leader and former Union finance minister P Chidambaram on Monday said that the BJP-led central government in its upcoming budget should focus on addressing issues like the impact of the global slowdown on economic growth, falling exports, increase in the current account deficit (CAD) and mounting total government debt. He said that the Union Budget should also focus on the danger of falling consumption leading to lower standards of living due to high unemployment rate, layoffs and inflation. The Union budget is scheduled to be tabled on February 1. AI have great expectations but, going by past experience with the NDA’s budgets, I am also prepared for great disappointment. Objectively, the budget for 2023-24 (the last full budget should address the current weaknesses of the economy. They are the impact of a global slowdown on economic growth in 2023-24; sluggish private investment; falling exports; increase in the current account deficit; mounting total government debt; and, above all, because of the high unemployment rate and layoffs and inflation, the danger of falling consumption leading to lower standards of living.