7% growth will mean little or nothing to the poor, unemployed and exploited sections | The Indian Express

7% growth will mean little or nothing to the poor, unemployed and exploited sections | The Indian Express

Written by P Chidambaram |Updated: July 14, 2019 7:42:58 am

P Chidambaram is former Finance minister of India.

7% growth will mean little or nothing to the poor, unemployed and exploited sections

Seven per cent growth will be totally insufficient to create wealth or enhance welfare. Seven per cent growth will not generate the millions of jobs that are required. Seven per cent growth will not raise the per capita income of the lowest deciles (the bottom 20 per cent) of the population.

It is not just a difference of 1 per cent. It is the difference between continued moderate growth and potentially accelerated growth. (illustration: C R Sasikumar

Budget 2019-20 has unravelled sooner than normal for Central government budgets. There is no ‘conversation’ among the people about this or that proposal. The super rich (6,467) are bitter but silenced by fear. The rich are relieved that they have been spared. The middle class is disillusioned because only new burdens have been put on them. The poor are resigned to their fate. The mid-size corporates (4,000) are counting the crumbs thrown at them.