The country's ongoing crisis recalls the grim days of 1991, says Joshi

The BJP is silent on the party's position on the key economic reforms in trade, banking, insurance and foreign direct investment.

The economic resolution, adopted at the national executive meeting of the party here on Thursday, focusses essentially on the “comprehensive failure” of the UPA government in managing the economy. It has precious little to say on what and how the party proposes to revive the economy.

“The BJP reposes its full faith in the strong will of the people of India and calls upon them to protest against the disastrous economic performance of the UPA government.

“Given an opportunity, the BJP assures the people that it will once again bring the Indian economy back to a fast-growth track with expansion of job opportunities and unleashing people's power, by empowering them through quality education, skill development and healthcare services, by making requisite public investments in infrastructure, by utilising the opportunity that lies within India's huge domestic demand, by directing government expenditure to productive purposes by encouraging investment both domestic and foreign in infrastructure and by undertaking effective steps at fiscal prudence.”

It said the nation's economic “free fall” under the UPA represented the total paralysis of governance that had become the defining hallmark of the Congress-led government.

“A few days ago, the UPA presented its report card to the nation that glossed over the harsh realities and made hollow claims to camouflage the actual state of affairs.

“Given these circumstances, ethical businesses will lose out, investments will decline, and capital flows will stop. That is exactly what is happening. Rebuilding investor and business confidence is going to be an arduous task.”

The country's ongoing crisis recalled the grim days of 1991, said senior BJP leader Murli Manohar Joshi summarising the economic resolution passed.

Given the high fiscal and current account deficits, the rocketing oil prices in the international market and the high interest rates in the domestic market and rapid FII outflows, the comparison was not without foundation, Dr. Joshi said.

Strongly condemning the petrol price hike of Rs 7.50 a litre, he stated that the Central government should have reduced the high taxation regime on petroleum products from which it was annually collecting more than Rs.1,50,000 crore.

Regime of patronage

Accusing the Congress-led UPA of perpetuating a regime of patronage and corruption, the resolution emphasised that scams like the 2G spectrum allocation, the Commonwealth Games and the Adarsh Housing Society among others would put an end to ethical businesses, while causing a sharp decline in investments and glutting capital flows.

The resolution warned that the UPA government was rapidly hurtling the country into a debt trap, with the current debt-to-GDP ratio running at 67 per cent.

More In: National | News