Govt Must Print Money To Support Expenditure If Necessary: P Chidambaram

Mumbai: Congress leader and former Union Finance Minister P Chidambaram said that the government must print money to support its expenditure.

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Addressing a press conference, the Congress leader said, “If necessary, the government should print money. We have a place and sovereign right to print money and if at any point the Government feels that too much is being printed, it can always stop printing it.”

“At the moment, I think printing money is clearly advised,” he said. I am very glad that a person of eminence like Dr Abhijit Banerjee has supported this idea. There are many other economists who have recommended that the government should print money to support its spending.”

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When asked about the impact of fiscal deficit on the announcements made in the budget regarding healthcare sectors like vaccination and other programmes, the former Union minister said, “This is not the time to worry about the fiscal deficit. 2021- For 2022, they have projected a fiscal deficit of around 5.5. What if it becomes 6.5, so what? According to me, it doesn’t make any difference at all, it should not make a difference, and it should not stop us.”

“What we need is, we cannot lose another year like we have lost the whole of the last year and I am afraid, the way this government is reacting, it is going to lose another year. Fortunately, we are only at the beginning of June, we still have 10 months. This is the time to act, this the time to act boldly and decisively- borrow and spend. If necessary- print money and spend on health care, spend on infrastructure,” he said.

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