Whether you are a Modi supporter or an opponent, if the economy is discussed then you will surprise everyone by telling these figures

New Delhi: The Modi government has been elected for the third consecutive time. After the interim budget presented in February, the full budget was presented on 23 July. The proposals put forward by Finance Minister Nirmala Sitharaman in the budget presented for the current financial year 2024-25 are being discussed in both the houses of Parliament, Lok Sabha and Rajya Sabha. While the opposition is counting the shortcomings of the budget, the ruling party is busy telling the specialties of the budget. If you are also interested in knowing the country’s economy, then you should be familiar with the debate going on in Parliament. In the Rajya Sabha, former Finance Minister P. Chidambaram, on behalf of the opposition, listed the shortcomings of the budget, while the ruling party BJP MP Radha Mohan Das Agarwal responded with a lot of figures.

These figures presented in Rajya Sabha will strengthen your knowledge base

Whether you are a critic or supporter of the Modi government or this budget, if you are fond of expressing your opinion on the country’s economy, then you must pay attention to the figures presented by both Chidambaram and Agarwal during the discussion on the budget. If you manage to understand these figures, then you will definitely make it difficult for the opponents to answer. Then there will be a meaningful debate and you will not see time being wasted in that debate but will feel its significance. So let us first know what P. Chidambaram from the opposition said in the Rajya Sabha during the discussion on the budget…

Important points made by former Finance Minister P. Chidambaram during the discussion on the budget in Rajya Sabha

Chidambaram’s allegation- Budget was prepared by stealing ideas from Congress’ manifesto

➤ I thank the Finance Minister for including the Employment Linked Incentive Scheme and other ideas in his/her speech. I am especially happy that he/she got a chance to read the Congress manifesto. he/she has stolen ideas from pages 11, 13 and 31 of the Congress manifesto. I urge the BJP people to read the Congress manifesto and suggest to the Prime Minister and the Finance Minister to take some more ideas.

Chidambaram told the condition of unemployment in the country

➤ UP Police conducted examination for 6,244 posts and 48 lakh candidates appeared in the examination.
➤ Air India released job vacancies for 2,216 posts and a crowd of 25,000 candidates gathered at Mumbai airport.
➤ A private company in Gujarat organized a walk-in interview for just 5 posts and 1000 people came. There was chaos there.
➤ In the government recruitment of unskilled workers in MP, 15 posts were vacant and 11 thousand applications were received. These included PG degree holders, engineers, MBA degree holders. One applicant had recently given the exam for the post of judge in Madhya Pradesh itself.
➤ In Uttar Pradesh, recruitment for 7,500 posts was announced through SSC and 24,74,030 applications were received.

The Finance Minister has said only 10 words on inflation while…

➤ Wholesale inflation is 3.4%
➤ Retail inflation – 5.1%
➤ Food inflation – 9.4%

If inflation is decreasing then why is the bank rate not decreasing?

➤ The Chief Economic Advisor has said in the Economic Survey that India’s inflation rate has been consistently low, stable and is moving towards the target of 4%. But it has been moving towards the target of 4% for the last four years. When will it reach it? If it is moving towards the target of 4%, then why has RBI not reduced the bank rate since June 2023? The bank rate has been 6.5% for 30 months. The bank rate is a good scale to tell where the inflation is headed.

Chidambaram’s warning to the government

I warn you, in the last by-elections, 10 out of 13 seats were won by the opposition alliance. If you do not take inflation seriously, the public will punish you even more.

With which deflator is the government determining GDP growth?

Which deflator are you using to calculate the GDP growth rate? You are using a deflator of 1.7 and are presenting beautiful GDP figures by saying the rate is 8.2%. If you had used less than this, it would have been 9.2% and if you had used 0.5, you would have reached more than 10%.

People are not feeling development: Chidambaram

What is nominal growth rate, tell me this. Growth rate should not be something to be said, growth rate is something that people feel. There should be more goods and services
There should be affordable prices, there should be money in the packet. If all these are felt then it should be understood that the growth rate is correct.

Tax filing up, but 65% still unemployed: Chidambaram

➤ In 2022-23, 7.40 crore tax payers had filed returns, which may have increased to 8 crore or 8.5 crore now. Of these, 65% have filed returns, but have not paid a single rupee of tax.
➤ The Finance Minister said that by increasing the standard deduction in the new tax regime, taxpayers will save Rs 17,500, but a very smart CA from Gujarat told me that this figure is from Rs 9,651 to Rs 17,651. Who will get this saving? Only 2-3 crore people. What about the rest? Do you even know their condition?

Chidambaram said citing government figures- poverty is at its peak

The Household Consumption Survey of the Government of India shows that the bottom 50% of the population has only 3% of the country’s total wealth and 13% of the national income. The average monthly consumption of a family in rural areas is Rs 3,094. About 37 thousand rupees per year. For cities, this figure is Rs 4,963, which means it will reach about 60 thousand rupees annually. This means that the monthly spending capacity of half the population (71 crore people) is Rs 37 to 60 thousand. This is below the median income. If we take out the figures of the lowest 20% and 10%, they are even poorer. What is in your budget for them?
➤ There are 30 crore daily wage laborers in the country.
➤ Regular jobs are 17 to 25 percent.
➤ All the rest are in irregular jobs.
➤ Our rank is 111th among 125 countries in the World Hunger Index. By giving free ration to 81 crore people, you are admitting that the situation of hunger in the country is very bad.

What is going on in this government? Chidambaram asked these questions

➤ All India Service Officers do not follow the orders and instructions of the Council of Ministers of the elected government of Delhi.
➤ Kerala and West Bengal’s funds have been withheld by the Central Government on various pretexts.
➤ The borrowing limit of non-BJP ruled governments has been reduced.
➤ Tamil Nadu was denied disaster relief assistance.
➤ Why should UPSC have a role in the appointment of the state DGP?
➤ Why should a state government not appoint the vice chancellor of its own university?
➤ How was this government given to Andhra Pradesh and Bihar, but not to the rest? Why discrimination with the rest when there is a federal system in the country?

Chidambaram’s personal attack on Finance Minister Sitharaman

I thought she would have quoted a statement by Thiruvalluvar or from some classical literature. It is possible that she did not get time to find something from any classic literature of Telugu or Bhojpuri. Maybe she will say something in the future. I want to remind her that she was born in Madurai, did her schooling in Pidpuram, did her college education from Tiruchirapalli. The Chief Minister of Tamil Nadu raised the right point that she did not use the words Tamilnadu and Tamil even once. I am not saying that you should only say Tamilnadu, but take everyone’s name in one voice. How many times did you take the names of Bihar and Andhra Pradesh? I am not jealous.

Chidambaram’s five demands from the government

I have five demands. I want the Finance Minister to answer them. If you do not answer, do not think that this will be suppressed, rather it will resonate throughout the country.
1. Minimum wage for all types of employees is Rs 400 per day
2. MSP with legal guarantee
3. Waive off outstanding interest and EMI of educational loan till March 2024
4. Agniveer Yojana should be completely abolished
5. NEET exam should be abolished

If you are a supporter of the government or the budget then know these figures

When P. Chidambaram, who was the Finance Minister in the two consecutive UPA governments led by Dr. Manmohan Singh, finished his/her speech on the budget, the Chair called out the name of BJP MP Dr. Radha Mohan Das Agarwal. Agarwal, while participating in the discussion, showered statistics on the Indian economy. he/she tried to prove through statistics that the Indian economy is in the strongest position in the world and is being managed much better than the previous Congress rule. Let us look at the important points of what he/she said here…

Manmohan government used to hide employment figures: Agarwal

➤ Before 2017, employment census used to be conducted once in five years. Modi government started conducting census on quarterly basis from 2017. Today you ask for data on employment, when you were in power you did not even release the data.

When Congress party was in power…

➤ In 1991 there was no three-week foreign reserve.
➤ Moody’s downgraded.
➤ IMF had refused to give loan.
➤ The World Bank had stopped the money.
The whole system was falling apart.
➤ Rupee was devalued on 1st July and 3rd July
➤ The gold was mortgaged and that too was secretly sent abroad in the darkness of the night.
➤ Once 20 tonnes of gold was mortgaged, the second time 43 tonnes of gold was mortgaged.
➤ Modi government has called back 100 tonnes of gold to India on May 31, 2024.

Share of taxes in GDP

Manmohan government had snatched the property of citizens, Modi gave it back

➤ In 2011, the net worth of the citizens of India was 85.7% of the GDP. In March 2014, it was reduced to 78.5%. In your government, you snatched 7% of the net worth of the people. Now the citizens have 97.2% of the GDP. This means that the Modi government has given 19% additional capital to the citizens of India.
➤ Per capita income was Rs 86 thousand in 2014, today it is Rs 2.12 thousand per person.
➤ The Multidimensional Poverty Index is broader than per capita income. The Multidimensional Poverty Index shows that in the last 10 years, India has lifted 24.10 crore people above the poverty line.

RBI’s High Frequency Indicators

➤ Two wheeler sales in rural areas – increased by 21.3%
➤ Three wheeler sales – increased by 12.3%
➤ Tractor sales increased by 3.7%
➤ Toll collection – increased by 37.5%
➤ Passenger vehicle sales – increased by 49.9%
➤ Domestic air traffic – increased by 6.6%
➤ Domestic air cargo traffic – increased by 6.7%
➤ International Passengers – increased by 13.2%
➤ Railway freight traffic – increased by 10.1%
➤ Hotel occupancy – increased by 7%
➤ Cement production – increased by 10.6%
➤ Steel production – increased by 19.1%
➤ Automobile sales – increased by 18.2%
➤ Commercial vehicle sales – increased by 3.5%
➤ GST E-way Bill – increased by 16.3%
➤ GST collection – increased by 11.4%
➤ Home purchases – increased by 33%

Purchasing Manager Index

If it is more than 50 then there is growth, if it is less then the economy is shrinking, if it is 50 then it is stable. Status of Purchasing Manager Index in Manufacturing Sector
➤ Australia – 47.2
➤ Japan- 50
➤ America – 51
➤ China – 51
➤ UK – 50
➤ World average – 50
➤ India – 58.3

Purchasing Manager Index in service sector

➤ Russia – 47.6
➤ Japan – 49.4
➤ Australia – 51
➤ China – 51
➤ UK – 52
➤ America – 53
➤ India – 60.5 (alone in the world)

Composite Manager Index

➤ Japan – 49.7
➤ Russia – 49.7
➤ Australia – 50
➤ UK – 50
➤ World average – 53
➤ India – 60.9

Data from professional forecasters regarding India

➤ Real GDP – 6.8%
➤ Real Private Consumption Expenditure – 6%
➤ Gross Fixed Capital Formation – 8.6%
➤ Gross Value Added – 6.6%

India is far ahead in these indices too

➤ Current account deficit was 4.5% during Congress rule, now it is reduced to 0.7%.
➤ Current Situation Index: This index is based on employment, economic conditions, prices, income and spending capacity of citizens and is calculated against 100. India’s score in this is 97.1.
➤ Future Expectation Index: The state of the economy after one year is estimated on benchmarks such as employment, economic conditions, prices, income, spending capacity of citizens. In this, India’s score is 124.7 against 100.