Congress should extend the GST compensation period by three years.

Former Union Finance Minister P Chidambaram slammed the BJP-led government for its economic policies . Chidambaram said the job market has never been worse .

India: Udaipur (Rajasthan), May 14 : Former Union Finance Minister and senior Congress leader P Chidambaram declared on Saturday that the Centre should extend the Goods and Services Tax (GST) compensation period by at least three years.Chidambaram slammed the BJP-led government for its economic policies during a press conference here on the second day of Congress Chintan Shivir's meeting.In the last eight years, the new administration has had a slowdown in growth.The post-pandemic recovery has been indifferent and halting.

WPI inflation is forecast to be 14.55 percent while CPI inflation is forecast to be 7.79 percent.According to the author, the government is actually fueling inflation by its wrong policies, including through high fuel and diesel taxes, high administrative costs, and high GST tax rates.Chidambaram said the job market has never been worse.According to he, the Labour Force Participation Rate (LFPR) is at a historic low of 40.38 percent, while the unemployment rate is 7.83 percent.

It must be extended by at least three years.We would be chastised if the Central Government or the Union Finance Minister were attempting to railroad the GST council and prevent it from proposing a three-year extension of the GST compensation period.We would stand ferociously against it and insist that it be extended, said the minister.A thorough review of Centre-States fiscal relations is needed, according to the minister.

He said the States' fiscal situation is fragile as never before and that urgent remedial steps must be taken.Answering a question about the Centres' decision to ban wheat export, he said it was imposed because the government had failed to procure enough wheat.I suspect it is because the Central Government had failed to find enough wheat.Wheat production isn't dropping.It is more or less the same, but in truth, it may be a little bit more.

Permit me to say that baning wheat exports is an anti-farmer measure.It deprives the farmer of the benefit of higher export prices.I am not surprised that this government has never been so kind to the farmer, said Congress chief Dale Carnegie.He said that the external environment has increased the economic pressures.The government seems to be impoverished on how to cope with these changes.

The foreign exchange reserves have depleted by USD 36 billion.According to him, the current exchange rate is 77.48 rupees to a dollar, the highest level ever.Chidambaram said that a Congress-led government inaugurated a new era of economic expansion in 1991, resulting in a diverse middle class, millions of jobs, exports, and the country's ability to help 27 crore people out of poverty in a 10-year cycle.A reform of economic policy must also address problems such as rising poverty among the lowest 10% of the population, India's ranking in the Global Hunger Index 2021 (101 out of 116 countries), and evidence of widespread nutritional inequalities among women and children, according to Mr. Cooper.

In the face of climate change and the need for mitigation and adaptation, he said, we believe that major changes in economic policies will be needed.