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Calls for reset of economic policy

Udaipur, May 14

In a major policy shift post 1991 liberalisation, the Congress on Saturday called for a reset of economic policy with enhanced spending across the social security paradigm.

“We are not stepping back on liberalisation. We are stepping forward post liberalisation taking into account global and domestic factors,” former finance minister and convener, Congress panel discussing economy at the shivir, P Chidambaram said today.

He also urged for a reset of Centre-state fiscal relations flagging the fragile financial health of most states and said “trust between the Centre and states has broken down and this is true of the relationship between the Centre and even the BJP-ruled states”.

Seeking extension of GST compensation to states for three years beyond the June 30, 2022, deadline, Chidambaram said while the era of liberalisation yielded enormous benefits for the country in terms of wealth creation, new businesses and new entrepreneurs, a huge middle class, millions of jobs, it was time to revisit the policy.

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