Economic Survey: Chidambaram says Modi government has run out of gas

Senior Congress leader P Chidambaram on Monday termed the Economic Survey a "depressing report" which indicated that there was "not much gas" left in the Modi government.

Chidambaram, a former finance minister, said the survey admitted that the major programmes undertaken by the Narendra Modi government such as building toilets, opening Jan Dhan accounts, village electrification and offering LPG connections have not resulted in "tangible outcomes".

"It is an indictment of policies and their execution," he said in a statement.

Chidambaram said the survey was a "refreshingly candid" document that has brought to the fore internal contradictions within the government.

"The future course of the economy is conditional on many 'ifs'. After listing the unfinished work (and there are many), the survey seems to prepare the grounds for failure by praying that (1) the world economy maintains its growth momentum and (2) oil prices do not persist at current levels. The outlook is therefore uncertain, if not bleak," he said.

With the survey pinning hopes on rebound in private investments, Chidambaram said "it is obvious that the government has thrown in the towel and hopes that the private sector will come to the rescue of the economy".

"Although the Economic Survey claims that the growth rate for 2017-18 will be 6.75% (implying a second half growth rate of 7.5%), it offers little evidence in support of this claim," the Congress leader said.