 "P Chidambaram")
Former Finance Minister P Chidambaram has strongly criticised the Narendra Modi-led government, citing the Economic Survey 2024-25 as a “powerful indictment” of its economic policies.
Taking to social media on Friday, Chidambaram remarked that he was “delighted” to read the preface of the Economic Survey, written by Chief Economic Advisor (CEA) V Anantha Nageswaran. However, he highlighted 10 specific paragraphs describing the state of the Indian economy, asserting that they expose the shortcomings of the Modi administration over the past decade.
“Just read these 10 paragraphs, and you will know what was wrong with the government during the last 10 years and what needs to be done,” he said.
I was delighted to read the preface to the Economic Survey 2024-25 written by the Chief Economic Adviser After the introductory 10 paras that refer to the difficulties faced by U.S. and Europe, the next 10 paras describe the state of the Indian economy. They are a powerful…
— P. Chidambaram (@PChidambaram_IN) January 31, 2025
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Economic Survey and the ‘get out of the way’ remark
Chidambaram also pointed out a key piece of advice from the CEA to the government—“Get out of the way”—which he described as “the most sensible advice” he has heard from a government official in the last decade. The phrase suggests that excessive government intervention may be hindering economic progress, a stance often associated with advocates of economic liberalisation.
While the Economic Survey traditionally presents an analytical and policy-driven review of the economy rather than a political commentary, Chidambaram’s interpretation underscores the Opposition’s critique of the ruling government’s economic approach.
The remarks come at a time when India is navigating global economic challenges, including inflationary pressures and geopolitical uncertainties. The Opposition has consistently targeted the Modi government over issues such as unemployment, inflation, and fiscal policies.
CEA’s advice on deregulation
The Economic Survey has advised the government on deregulation as a way to support ease of doing business in the country. The Survey, written under the guidance of CEA V Anantha Nageswaran, pointed out instances where state regulations have disrupted business growth.
“The focus of reforms and economic policy must now be on systematic deregulation… Once some regulations are repealed or simplified, the remaining ones become progressively easier. It is like peeling an onion,” Nageswaran said at a press conference following the release of the Economic Survey on Friday.
