TIRUCHY: The price of food products will shoot up in the country as the Union Budget reduced the subsidy for food grains and fertilizers, former union minister P Chidambaram said on Saturday.

Interacting with the members of Thanjavur Chamber of Commerce and Industry on the Union Budget -2023, the senior Congress leader said Finance Minister Nirmala Sitharaman had not considered the impact of the global recession due to the Ukraine war and COVID-19 pandemic on the micro, small and medium industries. He said the budget ignored the sector, which is the largest employment provider.

“While the finance ministers from countries like Germany, England, and France have been raising concerns about the global recession, our finance minister has provided some contradictory inputs,” he said.

Chidambaram said claimed that he does not foresee any growth in the next financial year as the growth rate is lower than the 7 per cent in all four quarters in the next financial year.

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