Janata Party president Subramanian Swamy has called for a “mass upsurge” against the United Progressive Alliance government.

He warned, in a statement on Friday, that the economy was headed for a “major crisis” by March next due to the vast liquidity caused by “corruption and compounded by ill-advised financial derivatives such as Participatory Notes (PNs).”

Dr. Swamy said that as a consequence of the rise in money supply, caused by the black money generated through corrupt deals — as in the 2G spectrum allocation, the Commonwealth Games and the Indian Premier League — hoarders have played havoc with cereals, fruits, vegetables and processed foods, with prices skyrocketing.

Decline in output

Output in the core industries — especially oil-refining, steel, cement and coal — had declined due to inadequate new investments.

“Moneys stashed away abroad by Indian politicians and business houses, in illegal secret accounts, are expected to enter the stock market through PNs to earn quick capital gains,” he said.

Dr. Swamy alleged that despite the mild rebuke by the Supreme Court on inaction by the government in the 2G spectrum issue, Union Ministers Kapil Sibal and Salman Khursheed were “busy white-washing the crimes by settling for minor fines and looking for loopholes to exonerate the telecom companies.”

At the same time, Dr. Swamy lamented that the Opposition parties would not be able to rise to the occasion as their leadership “is also tainted by the same scandals as the UPA's.”

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