Press Statement by Tarun Vijay MP and National Spokesperson, BJP
PM's sham reforms duly answered by S&P- UPA has ensured lesser employment opportunities, harsher life for India's poor and huge profits for the foreigners
1) India's GDP forecast has been cut by 1% to 5.5% by Standard & Poor's Ratings
2) This follows what domestic indicators such as IIP have been pointing out all this while, that growth is slowing down & industry is suffering
3) There is serious slowdown in investment by corporates, indicating that companies are not willing to invest in the face of a demand slowdown
4) High inflation is hurting people’s ability spend
5) S&P had raised the issue of bifurcation of roles between Sonia Gandhi & PM Manmohan Singh-- un elected PM and Powerful Sonia Gandhi. The same holds true even today resulting in policy paralysis and confusion at highest levels. Silence on Coalgate and corruption and an effort to ignore peoples' protests on bad governance shows up in a governance for foreigners attitude.
6) The PM has attracted significant negative coverage in the foreign media recently – Guardian, Washington Post, Time on policy paralysis and his inability to assert himself.
7) Even though the PM did speak to the nation recently in one of his rare appearances, his comment about money not growing on trees was ironic. This govt has wastefully spent money & notched up a huge a fiscal deficit which is threatening to go out of control
8) In his speech, the PM tried to blame the opposition & its allies such as TMC for resistance to what they call reforms, but S&P is calling the bluff of the govt. Report clearly says that the Congress was divided on economic policies, and there was substantial opposition to any serious liberalisation.
9) The so called reform measures announced recently are contentious, with so many states not willing to implement FDI in Retail, how can the govt claim that big investments will flow in. BJP’s position on FDI in Retail and its harmful impact on local businesses is clear
10) Even RBI has refused to bring down rates, it has been saying for a long time that the govt has to take enough measures to control over spending/fiscal deficit before RBI cuts rates.
11) Recent diesel hike will only fuel further inflation, burdening the common man even more
12) Comparison with other economies such as China etc is misplaced. Many analysts acknowledge that while other economies have slowed down mostly on account of external slowdowns, the slowdown in the Indian economy is the result of poor domestic economic management. India is not an export driven economy like China.
(O.P. KOHLI)Headquarter Incharge