PC poses 12 questions to PM in Rajya Sabha
New Delhi: A day after Narendra Modi attacked Congress party during his speech in Lok Sabha and Rajya Sabha, former Finance Minister P Chidambaram posed 12 questions to Prime Minister in Rajya Sabha on Thursday, saying 'Budget 2018-19 has worsened the fiscal deficit.'
"Before you assumed office, you promised 2 crore jobs a year. The ILO describes a proper job as employment that is certain, regular and reasonably secure. What is your definition of a job? How many ILO-described jobs were created in the four years of your government?," he questioned to Modi in one of the questions.
Chidambaram also tweeted the questions on his twitter handle.
Here are the 12 questions posed by P Chidambaram to Narendra Modi
Question 1. Budget 2018-19 has made the fiscal deficit worse: 3.5 % against 3.2 % in 2017-18 and 3.3 % against 3.0 % in 2018-19. What are the estimates of the Current Account Deficit for 2017-18 and 2018-19?
Question 2. Every deficit has breached the target set by the government. Will the impact of these high deficits be inflationary? Currently, WPI is 3.6 % and CPI is 5.2 %. What are the estimates of average WPI and average CPI for 2017-18 and 2018-19?
Question 3. The yield on 10-year treasury bond on 31 January 2018 was 7.43 % and it stood yesterday at 7.57 %. Is this a signal that interest rates will rise across all debt instruments? Will the rise in interest rates be inflationary?
Question 4. Suppose the price of crude oil rises to USD 70 or 75, how will it impact your budget estimates, especially the deficits? Will you raise the retail prices of petrol and diesel or will you cut the central excise duties on petrol and diesel?
Question 5. The government will borrow an additional Rs 48,000 crore in 2017-18. Add another Rs 37,000 crore that ONGC borrowed on behalf of the government. Where did this Rs 85,000 crore go?
Total expenditure in 2017-18 increased by Rs 71,000 crore, but revenue expenditure increased by 1,07,371 crore! Is this not evidence of a spendthrift government that has abandoned all norms of fiscal prudence?
Question 6. Capital expenditure was budgeted in 2017-18 for Rs 3,09,801 crore. The revised estimate is Rs 2,73,445 crore — a shortfall of Rs 36,000 crore. Which are the schemes and projects that took a hit in capital expenditure?
Question 7. For 2018-19, Government has estimated nominal GDP growth at 11.5 %. Is the additional 1 % due to higher inflation or higher growth? What is your estimate of real GDP growth in 2018-19?
Question 8. Before you assumed office, you promised 2 crore jobs a year. The ILO describes a proper job as employment that is certain, regular and reasonably secure. What is your definition of a job? How many ILO-described jobs were created in the four years of your government?
Question 9. In 2017-18, the budget estimates of customs duties was Rs 2,45,000 crore. The revised estimates show a drastic fall to Rs 1,35,242 crore. Is there a story there that you have not yet told the country and the people?
Question 10. GST came into effect on 1 July, 2017. Your GST revenue collection for 2017-18 is estimated at Rs 4,44,631 crore. Is this collection for 8 months (excluding March 2018) or for 9 months or for 11 months (as you have said repeatedly)?
Question 11. For 2018-19, you have projected that gross tax revenue will grow by 16.7 % when nominal GDP growth will be 11.5 %. Is the tax growth rate of 16.7 % realistic or ambitious or aggressive?
Question 12. For 2018-19, you have projected the following growth rates: Corporation tax :- 10.15 %Income tax :- 19.88 % GST a whopping 67.31 % Is there a philosophy of taxation that you wish to share with the people of India?