Swamy accuses FM of taking economy into 'complete mess'

Says next govt led by Modi will have to undertake major reforms to undo the damage caused by the UPA govt

BJP leader Subramanian Swamy today accused Union Finance Minister P Chidambaram of having left the country’s economy in a “complete mess” and said the next government led by Narendra Modi would have to undertake major reforms to undo the damage caused by the UPA government.

“We are in a very, very delicate situation and the new government will have to undertake major economic reforms to rectify what damage the UPA has done to Indian economy,” Swamy told reporters here.

Hitting out at the UPA government for economic growth rate of 4.8 per cent when compared to NDA’s 8.4 per cent, he said fiscal deficit was at all time high and could lead to a major crisis. “Government has now reached the stage that for every Rupee that they borrow from public sector bank, 96 paisa they have to repay as interest on principal for the previous loan.”

 

He said, “We are in a complete mess and the most alarming part of today’s situation is that the budget has been put in such a difficult and bad state by Chidambaram.” Stating that the next government would be led by Modi, Swamy said, “it is going to face a situation of bankruptcy of Indian economy, which it will have to rectify within six months.”

BJP’s manifesto will speak about some of the economic reforms planned by the party, he added. Contesting UPA’s claim that large part of economic crisis is due to external crisis, he said,

“We were affected by the instrument created by Chidambaram that was called participatory note. Participatory note is a method of laundering money that goes out of India to bring it back and invest it in our stock market.”

“The crisis was entirely due to UPA in creating an instrument, derivative called participatory note. It is the most dangerous money laundering weapon created in any country; tomorrow we abolish participatory note (and) all this crisis will disappear.

Calling the Unique Identification Authority of India as “one more scam in making” he said, “This scheme is the most useless scheme as judged by study done by the IIM-Ahmedabad and the standing committee of Parliament on Finance.”

“In my opinion Nilekani should be prosecuted under Section 13 (1) (d) part 3 of the Prevention of Corruption Act for squandering national resources to US-based companies involved.”