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BJP cautions Centre on global economic crisis

NEW DELHI: The Bharatiya Janata Party has demanded the Government to carry out a sector-wise “reality check” in view of the global economic meltdown. “There is no room for complacency,” party spokesperson Prakash Javadekar said here on Friday. India was not only suffering as a result of the global financial crisis, but also facing challenges domestically. Among the worst indicators was the slowdown of industrial production – down from a growth of over 12 per cent last September to just 1.3 per cent September this year. The inflation rates may have fallen marginally but is still hovering around 12 per cent, he pointed out.

The BJP recalled the hard facts of capital flight out of the country touching $12 billion affecting the stock markets adversely. The news from the real estate sector was also not good, with some analysts predicting an Indian crisis in this sector to unfold.

All-in-all, the BJP said that the initial reaction of the Government to the crisis was that India was more-or-less insulated . But now India too was feeling aftershocks of the great economic earthquake .

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