Deepening economic crisis: Chidambaram brings up aviation, telecom

Targetting the central government over the "deepening economic crisis", senior Congress leader P Chidambaram on Thursday asserted that two major industries -- telecom and aviation -- are on the verge of collapse.

Targetting the central government over the "deepening economic crisis", senior Congress leader P Chidambaram on Thursday asserted that two major industries -- telecom and aviation -- are on the verge of collapse. Chidambaram, in a series of tweets, said that millions of people have lost their jobs or livelihood in the last 12 months and added that the collapse of the two major industries will cost many more thousand direct and indirect jobs.

"When will the BJP government acknowledge the gravity of the deepening economic crisis in the country? When will the Prime Minister acknowledge his failure and the failure of his economic managers?" Chidambaram tweeted. He said that the aviation industry has suffered massive losses and faces an uncertain future unless the central government steps in with a rescue plan.

"Will the government realize that one of our major telecom companies is on the verge of collapse and the government has no plan to save the struggling telecom industry? Will the government realize that the aviation industry has suffered massive losses and every one of them will go the Air India way unless the government steps in with a rescue plan?" Chidambaram tweeted. "Millions have lost their jobs or livelihood in the last 12 months. The collapse of two major industries -- telecom and aviation -- will cost many more thousand direct and indirect jobs," the following tweet said.

Chidambaram's remark comes a day after one of the leading telecom companies, Bharti Airtel, posted a consolidated net loss of Rs 15,933 crore in the first quarter of the fiscal, mainly due to its one-time expense related to the adjusted gross revenue (AGR) dues. Meanwhile, the aviation industry is also going through a crisis as several travel restrictions continue and passenger international flights remain suspended in view of the coronavirus pandemic, which has hampered the economy and businesses.