Former Finance Minister and senior congress leader P. Chidambaram took to Twitter to target PM Narendra Modi government.
Former Finance Minister and senior congress leader P. Chidambaram took to Twitter to target PM Narendra Modi government.
P. Chidambaram tweeted, "The chorus of dissent against Budget provisions grows. Dr Arvind Panagariya speaks against protectionist custom duties."
P. Chidamram referred to former NITI Aayog vice chairman Arvind Pangariya's editorial that critisised Modi government's trade regime.
In a series of tweets, Chidambaram also said that Dr Rathin Roy, who is a member of Prime Minister's Economic Advisory Council (PMEAC) also supported Pangariya's comments.
He further said that the RBI governor, Dr Urjit Patel also warned against five taxes on capital and listed out how it would impact capital investment.
On Monday, former NITI Aayog vice chairman, Arvind Pangariya raised concerns over the Prime Minister Narendra Modi led government. In an article written in the Economic Times, Pangariya sounded alarm over the government's new trade template for India following the 2018-19 Union Budget.
Pangariya wrote, "When the government raised custom duties on a number of products in December 2017, as an eternal optimist, I took the view that this had been done for revenue reasons. But increases in duties on a long list of products ranging from kites and footwear to cellular mobiles phones and motor vehicles in Budget 2018 have ended that optimism."
Pangariya also quoted revenue secretary Hasmukh Adhia as having said that the duties have been levied, not to raise revenue, but to provide protection to micro, small and medium enterprises (MSMEs).
According to Pangariya, Hasmukh Adhia really meant that the more tariff hikes are on the cards.
Panagariya said that the argument that protection would help MSMEs needs to be carefully scrutinised.
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