PC Has Left Economy in a Mess: Swamy - The New Indian Express

PC Has Left Economy in a Mess: Swamy

Published: 31st March 2014 08:27 AM

Last Updated: 31st March 2014 08:35 AM

Senior BJP leader Subramanian Swamy on Sunday launched a scathing attack on Union Finance Minister P Chidambaram, accusing him of leaving the country’s economy in “a complete mess”.

“If BJP comes to power, we will ensure major reforms to see that the economy bounces back,” he told reporters. He said India is currently in a “very delicate” situation and strong reforms are needed to repair the “damage that the UPA has done to the economy”.

The country’s economy touched a growth of 8.4 per cent during the NDA regime but now it has fallen to 4.8 per cent. The next government will now have to face potential bankruptcy, he said.Swamy said the BJP’s manifesto would include details of the party’s economic reforms and tax relief plans for the working and middle classes.

He said the current economic crisis was the result of Chidambaram’s Participatory Note policy, which he dubbed as a “dangerous money-laundering weapon”. Participatory Notes are instruments issued by registered Foreign Institutional Investors (FII) to overseas investors who wish to invest in Indian stock markets without registering themselves with market regulator Sebi.

‘UIDAI is Useless’

Swamy also termed the Unique Identification Authority of India (UIDAI) as “one more scam in the making”. It is a useless scheme, as judged by a study done by IIM-Ahmedabad and Parliament’s standing committee on finance.

He said former UIDAI chairman Nandan Nilekani, who is Bangalore South Congress candidate, should be prosecuted under the Prevention of Corruption Act, 1988 for “squandering national resources to US-based companies”.  

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