HindustanTimes Fri,24 Oct 2014

Economy in worst crisis, overcoming it will be a challenge: Sinha

HT Correspondent , Hindustan Times  New Delhi, May 05, 2014
First Published: 23:41 IST(5/5/2014) | Last Updated: 02:07 IST(6/5/2014)

The Bharatiya Janata Party (BJP) sustained its election season attack against finance minister P Chidambaram, blaming ruling UPA for leaving the country’s economy in the “worst crisis” and warned that to overcome this will be major challenge for the new government.

BJP said the current economic crisis is worse than even the earlier crisis in 1991 and 1998.

BJP leader and former finance minister in NDA government Yashwant Sinha accused Chidambaram of resorting to tax terrorism, by not projecting the right picture in maintaining the fiscal deficit at 4.6%.

Pointing to the drawback in Chidambaram’s projection, he said the expenditure has been savagely cut and termed it as a “mindless” reduction of expenditure.

Sinha also accused the tax administration of becoming “extortionary” by seeking advance tax from taxpayers.

Responding to Chidambaram attacking him as the “worst” finance minister ever, Sinha retorted, “Chidambaram will have to be reborn again to match my record in the finance ministry.”    

BJP reiterated its promise to hasten implementation of Direct Tax Code (DTC) and Goods and Services Tax (GST), after a consensus among states, if voted to power.

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