Seeking Prime Minister Manmohan Singh’s response to the observation of his Economic Advisory Council that the government has “lost momentum” on the economy, the Bharatiya Janata Party (BJP) on Tuesday described it as a “serious issue” which should be discussed in the House.
“His economic advisors are saying the government has lost its way. Had it been the case, what is the response of the government? The country has got the right to know and Parliament is a proper forum,” BJP leader Venkaiah Naidu told reporters outside Parliament.
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The Communist Party of India (Marxist) on Tuesday described the Council’s observation on the growth momentum as “contradictory”, claiming that it may have hidden reforms agenda.
The Prime Minister’s Economic Advisory Council (PMEAC) yesterday lowered its economic growth projection for this financial year to 8.2 per cent, from 9 per cent pegged earlier, and said the government has lost momentum and must act fast to gain the growth momentum.
“This is very contradictory. The PM’s economic advisors have stated that the growth rate this year is likely to be 8.2 per cent. If the growth rate is 8.2 per cent, then how the growth momentum is lost...it sounds a little contradictory,” CPI(M) leader Sitaram Yechury told reporters outside the Parliament.
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He said, “We will have to study the fine print and see what they are suggesting. If this is going to be an excuse for pushing certain reforms, like FDI in retail sector or for that matter financial liberalisation, then it will be very harmful to our economy and people...We (CPI-M) did not allow this to be done earlier and saved the country from the global slowdown crisis.”