Senior Bharatiya Janata Party leader and former finance minister Yashwant Sinha took a dig at outgoing FM P Chidambaram on Sunday saying that the Bombay Stock Exchange’s sensitive index’s rise coincided with the announcement that the latter wasn’t contesting Lok Sabha polls 2014.
Addressing scribes at the BJP headquarters here, Sinha said, “Chidambaram tried to bring down fiscal deficit very artificially. (As a result) The UPA is leaving a huge burden of subsidy on the next government.”
And added, “The Finance Minister will be remembered in history as a spoiler and an arrogant leader.”
Continuing his tirade against the outgoing United Progressive Alliance (UPA) government, Sinha said that the Congress-led government showed no concern for the poor and downtrodden strata of the society.
“UPA has no concern for BPL families,the last survey was done by NDA in 2002, since then there’s been no new survey,” said Sinha.
BJP leader Subramanian Swamy said the next government led by Narendra Modi would have to undertake major reforms to undo the damage caused by the UPA government.
“We are in a very, very delicate situation and the new government will have to undertake major economic reforms to rectify what damage the UPA has done to Indian economy,” said Swamy in Bangalore.
Hitting out at UPA government for economic growth rate of 4.8 per cent when compared to NDA’s 8.4 per cent, he said fiscal deficit was at all time high and could lead to a major crisis.
“….Government has now reached the stage that for every Rupee that they borrow from public sector bank, 96 paisa they have to repay as interest on principal for the previous loan.”
He said, “we are in a complete mess and the most alarming part of today’s situation is that the budget has been put in such a difficult and bad state by Chidambaram …”
Stating that the next government would be led by Modi, Swamy said, “it is going to face a situation of bankruptcy of Indian economy, which it will have to rectify within six months.”
BJP’s manifesto will speak about some of the economic reforms planned by the party, he added. Contesting UPA’s claim that large part of economic crisis is due to external crisis, he said “….We were affected by the instrument created by Chidambaram that was called participatory note….Participatory note is a method of laundering money that goes out of India to bring it back and invest it in our stock market.”