'PM and Chidambaram have ran out of ideas': Ravi Shankar Prasad

Bharatiya Janata Party (BJP) leader Ravi Shankar Prasad on Wednesday launched a scathing attack on Prime Minister Dr. Manmohan Singh and Finance Minister P. Chidambaram as the rupee touched a new all-time low and breached the Rs. 68 per dollar mark, saying lack of good governance, corruption and impropriety is responsible for the deteriorating condition of the Indian economy.

"The Indian economy is in a critical state in an ICU on a ventilator and Dr. Manmohan Singh and Chidambaram have ran out of ideas. The fundamental issue is that investors', manufacturers and those who run the economy do not trust this government because of large scale of scams, impropriety the whole foundation has got shakened," Prasad told Asian News International (ANI) here.

"And obviously Dr. Manmohan Singh still has not spoken, not assured the nation because they all have ran out of ideas," he added.

Meanwhile, Prasad used the occasion to laud the BJP-ruled states, and claimed that Gujarat, Chhattisgarh, Madhya Pradesh and Goa are having ten percent plus growth rate

"Why is it that when the country's growth rate is minus five percent, at the same time Gujarat, Chhattisgarh, Madhya Pradesh and Goa are having ten percent plus growth rate in spite of having so many pro-poor measures, including food for work....because there is good governance," he said.

On Wednesday, the rupee continued to topple and hit its record low of 68.75 against the U.S. dollar.

The Finance Minister had earlier on Tuesday suggested a 10-point formula to revive the country's economic situation, and sought co-operation from all quarters despite ideological and political differences.

Chidambaram, who was replying to a discussion on the country's economic situation in the Lok Sabha, said the country needs more reforms, lesser restrictions and an open economy.

The Finance Minister said the fiscal deficit would be contained at 4.8 percent of the GDP even after doling out subsidies for the implementation of the Food Security Bill.

He said the government is doing everything to boost investment.

Chidambaram emphasized that no stone will be unturned to reap benefits of good monsoon.

"We should reap benefit of a good monsoon. Nothing must be done that would come in way of maximising agriculture production," he said.

The Finance Minister also underlined the need to encourage manufacturing in sectors like power, steel, automobiles and textiles.

"We must increase production of electronics and textiles. We are importing things which we should not have imported. India can be strong only if we have a strong manufacturing economy," he said.

Communist Party of India (CPI) leader Gurudas Dasgupta, who earlier initiated the discussion, said the nation is passing through economic crisis, and warned that the economic crisis of 1991 is not very far away if the government fails to take corrective measures to revive the economic growth.