Latest news with #Chidambaram
India Gazette
3 days ago
- Business
- India Gazette
Consumers exploited due to lack of sufficient competition: says Congress' P Chidambaram
New Delhi [India], June 1 (ANI): Highlighting that profit must be shared among promoters, shareholders, labour, government, consumers, society and other stakeholders, Senior Congress leader P. Chidambaram stated on Sunday that because of the lack of sufficient competition, consumers are exploited in several sectors, such as air travel, insurance, and pharmaceuticals. In a post on X, Chidambaram said, 'That 'profit' in business is not a bad word became government policy in 1991 when Dr Manmohan Singh was finance minister. The question is how the profit must be shared among promoters, shareholders, labour, government, consumers, society and other stakeholders,' the Congress leader said on X. 'As the Chief Economic Adviser has said many times, the tilt is in favour of capital/promoters and against labour. Wages have stagnated. I may add that because of lack of sufficient competition, consumers are exploited in several sectors, for example, air travel, insurance and pharmaceuticals,' he added. On May 26, Chidambaram said that while the rise in India's per capita income under the BJP-led NDA government is 'broadly correct', the rate of growth was higher during the tenure of the Congress-led UPA government. Responding to recent remarks by the CEO of NITI Aayog, BVR Subrahmanyam, who stated that India's per capita income had nearly doubled from USD 1,438 in 2013-14 to USD 2,880 in 2024, Chidambaram said he welcomed the progress but added that the complete picture tells a different story when the performance of the two successive governments is compared. Quoting data from the International Monetary Fund (IMF), Chidambaram noted that India's per capita income stood at USD 543 in 2003, when the UPA took office, and rose to USD 1,438 by 2013 - a 2.64 times increase in 10 years. Under the NDA government, however, the increase from USD 1,438 in 2014 to USD 2,878 in 2024 amounts to just 1.89 times, falling short of a doubling in the same time frame. 'Under the UPA government, the per capita income more than doubled in 10 years. Under the NDA government, it fell short of doubling. The per capita income doubled in 11 years. I am happy with the record of both governments, but a shade happier with the UPA record,' said the former Finance Minister. (ANI)
Hans India
3 days ago
- Business
- Hans India
BJP's Amit Malviya junks P. Chidambaram's negative view on economy
BJP leader Amit Malviya on Sunday targeted former finance minister P. Chidambaram for painting a grim picture of the economy and linking it to alleged wage stagnation and consumer exploitation due to lack of competition in some sectors. Chidambaram's attempt to credit the UPA government for economic reforms also did not go down well with Malviya who wrote in a post on social media platform X: 'It's truly pitiful how a former Finance Minister displays such selective amnesia regarding India's economic journey.' 'To claim that the concept of 'profit not being a bad word' originated solely during his tenure conveniently ignores the reality that those reforms, however necessary, were half-baked measures, forced by a crippling Balance of Payments crisis,' said Malviya, in-charge of BJP's National Information and Technology Department. Earlier, the Congress leader, in a post on social media platform X, said: 'That 'profit' in business is not a bad word became government policy in 1991 when Dr Manmohan Singh was finance minister.' 'The question is how the profit must be shared among promoters, shareholders, labour, government, consumers, society and other stakeholders,' he said. Malviya responded by saying, 'The former Minister pontificates on profit-sharing, yet seems to forget the UPA era's notorious legacy — the 'Jayanti Tax', rampant corruption scandals, and an environment of policy paralysis that left India languishing among the 'Fragile Five.' Big industries weren't just hesitant, they were actively looking for exits. Profit sharing? Under the UPA, profits seemed reserved for a select few, while genuine enterprise was stifled.' 'Jayanti Tax' is a term used by the BJP to allege corruption under the then environment minister Jayanthi Natarajan in matters related to granting green nod to projects. While slamming Chidambaram, Malviya also showcased the NDA government's flagship schemes. 'Initiatives like MUDRA Yojana and Stand Up India have empowered over 30 crore aspiring entrepreneurs, fostering grassroots prosperity and ensuring the fruits of growth are shared far more widely than ever conceived during his tenure. That is tangible benefit-sharing, not hollow rhetoric,' he wrote in his post. Earlier Chidambaram remarked about the economy and said, 'As the Chief Economic Adviser has said many times, the tilt is in favour of capital/promoters and against labour. Wages have stagnated.' 'I may add that because of lack of sufficient competition, consumers are exploited in several sectors, for example, air travel, insurance and pharmaceuticals,' he said.
The Hindu
4 days ago
- Politics
- The Hindu
Faculty in private engineering colleges in Coimbatore contend with stagnant salaries
Left with limited options, faculty in even leading private engineering colleges in Coimbatore region contend with salaries that have been stagnant for years, due to which the attrition rate is also limited, it is learnt. The maximum salary offered for a faculty in Computer Science department does not exceed ₹60,000 a month. Those in Mechanical and core branches receive monthly salary between ₹20,000 and ₹30,000. The scenario is more worrisome in colleges of average standing, a faculty member pointed out requesting anonymity. The AICTE, according Anna University sources, specifies payment of faculty salary as per its norms, but the implementation remains a far cry, a functionary of a college management acknowledged. The Anna University does determine compliance of the affiliated colleges to AICTE norms in terms of teacher-student ratio, but has no authority in enforcing salary payment, university sources said. 'Exploitation' of teaching staff in the private engineering colleges does not augur well for meeting quality parameters in higher education, M. Chidambaram, former Director of National Institute of Technology - Tiruchi, said. Prof. Chidambaram, who had filed a Public Interest Litigation in Delhi High Court on the issue last year, said a substantial proportion of faculty members were exploited and were not paid even the basic minimum prescribed salary (AICTE Pay Scale), got no salary slips, had prolonged working hours, and faced forceful retention of the original documents. Prof. Chidambaram had referred to a report of the V.V. Giri National Labour Institute on the condition of faculty in private engineering colleges in his PIL. It was unfortunate that the AICTE had refused to take desired measures. The AICTE had formulated the All India Council for Technical Education Pay Scales, Service Conditions and Minimum Qualifications for Appointment of Teachers and Other Academic Staff-(Degree) Regulation, 2019, for granting 7th Pay Scale to the faculty members in the technical institutions along with other benefits, i.e., increment, promotion, health insurance, pension, leave, training and incentives, Prof. Chidambaram said. The onus was on the AICTE to strictly enforce the AICTE (Grant of Approvals for Technical Institutions) Regulations, 2020, he said. The PIL, Prof. Chidambaram said, also sought directions for increasing investment upon technical educations to meet the requirement of the vast country like India, including measures such as increasing the number of engineering seats, appointment of sufficient faculty, infrastructure, research and development in the engineering colleges.
India Gazette
26-05-2025
- Business
- India Gazette
India's per capita income growth was higher under UPA govt: Chidambaram
New Delhi [India], May 26 (ANI): Senior Congress leader P Chidambaram on Monday said that while the rise in India's per capita income under the BJP-led NDA government is 'broadly correct,' the rate of growth was higher during the tenure of the Congress-led UPA government. Responding to recent remarks by the CEO of NITI Aayog, BVR Subrahmanyam, who stated that India's per capita income had nearly doubled from USD 1,438 in 2013-14 to USD 2,880 in 2024, Chidambaram said he welcomed the progress but added that the complete picture tells a different story when the performance of the two successive governments is compared. Quoting data from the International Monetary Fund (IMF), Chidambaram noted that India's per capita income stood at USD 543 in 2003, when the UPA took office, and rose to USD 1,438 by 2013 -- a 2.64 times increase in 10 years. Under the NDA government, however, the increase from USD 1,438 in 2014 to USD 2,878 in 2024 amounts to just 1.89 times, falling short of a doubling in the same time frame. 'Under the UPA government, the per capita income more than doubled in 10 years. Under the NDA government, it fell short of doubling. The per capita income doubled in 11 years. I am happy with the record of both governments, but a shade happier with the UPA record,' said the former Finance Minister. In a post on X, P Chidambaram said, 'The CEO of NITI Aayog told the media that India's per capita income had doubled from USD 1438 in 2013-14 to USD 2880 (in 2024 in 11 years). Broadly correct, and we are happy.' 'However, he should have given the full picture, according to the IMF, which is, 2003---USD 543, 2013---USD 1438, 2023---USD 2711, 2024---USD 2878. Under the UPA government, the per capita income more than doubled in 10 years---actually 2.64 times. Under the NDA government, the per capita income fell short of doubling in 10 years---actually 1.89 times. The per capita income doubled in 11 years. I am happy with the record of both governments, but a shade happier with the UPA record.' India has taken another stride, pipping Japan to become the fourth-largest economic powerhouse. In September 2022, India had surpassed the UK to become the fifth-largest economy. On Friday evening, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047', NITI Aayog CEO, Subrahmanyam said that India has overtaken Japan to become the world's fourth-largest economy. Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark. 'We are the fourth-largest economy as I speak. We are a USD 4 trillion economy. This is not my data; this is the data from the IMF. India today is larger than Japan. It's only the United States, China, and Germany which are larger, and if we stick to what is being planned, what is being thought through, it's a matter of another two to three years; we would become the third largest economy,' said BVR Subrahmanyam. According to the IMF's April edition of the World Economic Outlook report, India's nominal GDP for fiscal 2026 is expected to reach around USD 4.187 trillion. This is marginally more than Japan's likely GDP, which is estimated at USD 4.186 billion. India's economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers, the April 2025 edition of the IMF's World Economic Outlook added. In contrast, the IMF projects global economic growth to be much lower, at 2.8 per cent in 2025 and 3.0 per cent in 2026, highlighting India's exceptional outperformance. (ANI)
New Indian Express
26-05-2025
- Politics
- New Indian Express
Is India's foreign policy decided in Delhi or Washington, asks Former Union Min Chidambaram
TIRUCHY: Is India's foreign policy decided in Delhi or Washington?" senior Congress leader and former union minister P Chidambaram asked on Sunday, while speaking in a public meeting, organised to honour Indian Army's success in Operation Sindoor "US President Donald Trump first declared that India and Pakistan had agreed to a ceasefire. This was later confirmed by India's Foreign Secretary. This raises serious concerns", Chidambaram said adding "Imagine the confusion and disappointment among our soldiers who were risking their lives, only to learn about the ceasefire from a foreign leader." Further, he criticised the union government for maintaining silence on the issue for over 15 days. Citing Trump's statement in Saudi Arabia and Qatar, where he claimed credit for brokering the ceasefire for trade-related reasons, Chidambaram said, "One is forced to wonder is Trump now directing India's national policy? This is a matter of deep concern for every citizen." Also, he questioned the government's silence and Parliament not being convened to debate the matter. "We welcome the ceasefire, but we demand to know how it happened. When decisions about India are announced from Washington, people are right to worry," he added.
