Chidambaram's Advice To The Government

Brut India

Former finance minister P. Chidambaram advised the government to even print money if needed to boost spending and reboot the economy. Do you agree with him?

Transcript

00:002020-21 has been the darkest year of the economy in four decades.

00:06Most Indians are poorer than they were two years ago.

00:10If necessary, the government must print money.

00:30When the first wave of the pandemic appeared to subside last year, the finance minister

00:45and her chief economic advisor began to sell the story of a recovery.

00:51They saw what they called green shoots when no one else did.

00:57The current state of the economy is no doubt largely due to the impact of the pandemic,

01:03but it has been compounded by the ineptitude and incompetent economic management of the

01:09BJP-led NDA government.

01:11Good advice by distinguished economists and renowned institutions has been rebuffed.

01:19Worldwide experience has been ignored.

01:21Hollow packages like Atmanirbhar have fallen flat.

01:26If necessary, the government must print money.

01:30We have the space and the sovereign right to print money.

01:37And if at any point the government feels that too much money has been printed, it will always

01:45stop printing money.

01:47But at the moment, I think printing money is clearly advised.

01:53This government is completely insensitive, completely impervious to what the lower middle

01:59class and the poor are going through.

02:03They seem to be quite happy because the stock market is booming and the existing billionaires

02:09have added more billions to their wealth.

02:11We can't lose another year like we lost the whole of last year.

02:16And I'm afraid the way this government is reacting, it's going to lose another year.

02:22This is a time to act boldly and decisively.

02:25Borrow and spend.

02:27If necessary, print money and spend.

02:30Spend on healthcare.

02:31Spend on infrastructure.

02:34But spend.

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