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Economy May 15, 2012

Centre’s economic policies attacked in Rajya Sabha

New Delhi: The BJP today attacked the government over its economic policies saying there was a "paralysis" in policy making and "complete absence" of coherent decision making. Initiating the discussion on Finance and Appropriation Bill, Piyush Goyal (BJP) said telecom and power sectors were in a "complete mess" and there was a "total policy failure".

Parliament of India. Reuters

"We are concerned and pained from the several issues that have arisen from this bill. The gloom in economy is deepening and there is no confidence among people and investors about the economy," he said.

Goyal said Finance Minister Pranab Mukherjee had stated that he will be cruel to be kind in the Finance Bill but he was cruel and "kind only in certain parts".

He said the economy was not in a good shape and there was fear of flight of investments made by the Foreign Institutional Investors (FIIs) and the downgrading of rating of three banks by Moody's has led to the further problems.

The BJP member said there should be an investigation into the reasons behind the Life Insurance Corporation (LIC) being forced to buy 95 percent of the shares of the IPO issued by oil PSU ONGC.

He said in eight years of rule by the Congress-led UPA, every economic parameter in the country has been mishandled by the government. Goyal said the situation was such that domestic investors and Indian business houses also did not have the enthusiasm to invest in India.

PTI


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