Expressing grave concern over the deteriorating state of the Indian economy, the BJP national executive alleged that the Congress has once again put the nation in peril and the country has plunged into a deep economic crisis remniscent of the grim days of 1991. The BJP in its economic resolution said the nation's economic free fall represents total paralysis of governance that has become the defining hall mark of the Congress-led UPA. However, the BJP assured the people that it would once again bring the Indian economy back to fast-track growth.
Stepping up its attack against the UPA government, the BJP said the government's gift to India was stagflation, corruption and misgovernance. BJP leader Murli Manohar Joshi told reporters that the country was paying a heavy price for the poor performance of the government and that it would take years to turn the situaton around. "It is worthwhile to note that the NDA converted a sagging economy into as fast growing one. Unfortunately the UPA, under an economist Prime Minister, has achieved the exact opposite by converting a prosperous economy into an economy in crisis," he noted.
On the sliding rupee, BJP said the government owes the nation an explanation as to why the rupee was witnessing a free fall when other currencies were showing no such movement. "It seems the government is nourishing or supporting the dollar. The rupee has inexplicably depreciated against the US dollar by an astounding 25% in a single year and the decline continues. As a result of this, imports will become costly, crude and fertiliser import will increase, and the balance sheets of corporate India will be adversely impacted," the party said.
Further, the party condemned the 'unacceptable' price hike of petrol and demanded an immediate and complete rollback. The party reiterated that the government should prepare itself to face a nationwide democratic protest if it fails to roll back the hike. Joshi reiterated that NDA has already declared Bharat Bandh on May 31.
Referring to various scams, the party said ethical businesses would lose out, investments would decline and capital flows would stop. "Rebuilding investor and business confidence is going to be an arduous task. We are rapidly heading into a debt trap. There is a pressing need to manage debt levels better, which calls for fiscal prudence," BJP added.
Moreover, BJP in its economic resolution claimed that the key factors responsible for the grim state of affairs was the policy paralysis and corruption afflicting the government, coupled with policy flip flop has shattered investor confidence. "The people of this country have lost all faith and hope in this government. The sooner it goes, the better it will be for the country. The allies of the government will have to face the consequences of these anti-people policies. Merely dissociating themselves from some individual decision or the other will not do any more," the party said.
The BJP did not forget to mention that the country had achieved robust growth during NDA regime. However, the party observed that the UPA was in denial, constantly blaming everybody else except itself. According to the party, the current state of drift and indecision was severely impacting infrastructure development. Mining, oil, gas, power and many other industries were victims of this state of indecision. Even the completed projects in the power sector have come to a standstill as coal linkages have not been provided and many investment projects have stalled and Indian businesses were investing abroad.
On the release of white paper by black money by the government, the party said it neither quantifies the magnitude nor enumerates the roadmap for bringing back the money stashed in tax havens and unearthing black economy within the country.