PM in denial on economic situation: BJP
By IANS - NEW DELHI
11th August 2012 04:35 PM
The Bharatiya Janata Party (BJP) Saturday accused Prime Minister Manmohan Singh of living in denial
over the country's economic situation.
Talking to reporters after the Prime Minister's comment that the "fundamentals of economy" were strong, Leader of Opposition in the Rajya Sabha Arun Jaitley said it was time for the government to wake up.
"Government is trying to hide away from the downgrade of India's growth forecast. This report is a wake up call," he said.
"It is not too late to see what the reality is and to respond to the situation," he said.
Commenting on the global rating agencies which recently cut India's growth forecast for 2012-13, citing lack of policy reforms and slowdown in manufacturing and exports and a below average monsoon, the prime minister said: "The fundamentals of the economy are strong. We have the highest savings and investments rate in the world."
Unwarranted conclusions should not be drawn on the economy's growth prospects, he stressed.
Moody's said on Aug 8 that the slowdown has been sharper and more broad-based than anticipated and is now deeply entrenched across all sectors of the economy as it cut the growth rate to 5.5 percent.
- For team Rahul, it’s good politics that will yield rich dividends for poor Indians
- BJP's post-Karnataka gloom: Neither united nor untainted
- Hit by chit fund scam Mamata faces biggest challenge in 2 years
- 'Kiran visited Delhi 76 times since he became CM'
- Bangalore scores low on medical tourism
- Sleepless nights, no baths for Sreesanth
- ‘Lack of anthropologists hits welfare policymaking’
- India's bleeding insurgencies: Lessons from Latin America
- Rs 8K-crore plan for upgrading ICVs of Army
- Man arrested for attempt to attack TV host Ranjini Haridas
- The toxic truth about ripe mangoes
- Jiju Janardhanan’s house in Kannur wears deserted look
- Shift me from ‘Anda’ cell, pleads Sanjay Dutt
- Indefinite strike leaves city parched; mineral water bottles fly off shop shelves
- DRDO chief expresses concern over FDI
- Key relationships