Centre hides real economic crisis: Thomas Isaac

Thiruvananthapuram: Finance Minister T M Thomas Isaac Tuesday charged that the economic survey for the year 2016-17, tabled in Parliament, has tried to hide the real financial slow down in the country due to demonetisation.

“Survey shuts eyes on the severe economic consequences felt in the country following the note ban”, Isaac told reporters here.

The economic growth was estimated to be 6.6 per cent for the current fiscal, a dip from 7.6 per cent recorded last year.

“This was due to the wrong economic policy initiated by the Centre”, he said adding “but government was not admitting it and was trying to hide the real facts behind the crisis”.

With regard to the new proposal of Universal Basic Income scheme, Isaac said it was welcome if the plan was to tax the rich and deposit a fixed amount in the accounts of the poor.

However, the government’s attempt seems to be to extend an amount alternative to the existing benefits and allowances now enjoyed by the poor, he said.

“Public distribution system, National rural employment guarantee scheme, pension schemes, and other Centrally sponsored schemes would be stopped and an amount would be given by replacing these schemes”, he said adding “it is anti-people”.

The state wanted fund allocation for the NREGS to be doubled and borrowing limit increased atleast to 3.5 per cent, Isaac said.