NEW DELHI: The Bharatiya Janata Party on Wednesday alleged that the present Union Public Alliance government was plagued by a “policy paralysis” and said the government’s economic mismanagement was “hurting an already sluggish growth of the economy”.
“Policy paralysis and complete failure of the Union Public Alliance in managing the economy are hurting the already sluggish growth story of India. People will wonder whether it is the same Manmohan Singh who was credited for opening up of the economy in 1991,” said Bharatiya Janata Party spokesperson Prakash Javadekar in a statement.
“It is abject failure of the Prime Minister. The 3rd quarter gross domestic product growth at 6.1 per cent is a bad news. The growth rate is declining consistently over the last one year and government’s expectation for 7.5 per cent growth in 2012-13 seems distant,” he added.
The Bharatiya Janata Party demanded the government to come out with a clear roadmap for a robust economic recovery and said that it will confront the government with these issues in the forthcoming Budget session.
Javadekar said that other parameters of the economy are also not encouraging.
“Consumption growth has declined from 8.1 to 6.4 per cent in 2011.
Investment growth has also suffered as it has come down from 7.5 to 5.6 per cent,” he said.
The Bharatiya Janata Party said that the economic scenario is more worrisome due to “complete absence of decision making” at the government level.
“No new initiative is being taken,” he added. “The free fall of the rupee is adding more worry to the economy and many companies are suffering losses.
The non-performing assets are also growing more in the public sector banks,” he noted.
“Major decisions are pending in mining, textile, power and other major sectors. The government is dithering and losing every opportunity to regain.
All this indecision has shattered investor confidence,” he added.