Congress on New Delhi asked all MPs to “debunk” the Sensex as a deciding factor for the country’s “financial fortune” and said the budget had “bold” proposals to pump up the economy.
“These (drop in stock market) are knee-jerk reaction. It is time for Parliamentarians to debunk the Sensex as a deciding factor for our financial fortune,” senior party leader and Congress spokesman Abhishek Singhvi said in the Rajya Sabha.
The share market has lost a considerable ground after presentation of the General Budget 2009-10 on concerns that it did not have bold measures like disinvestment to put the economy back on the high growth trajectory.
However, Singhvi while participating in the debate on the budget, said the government has come out with “bold enough” proposals to boost employment and alleviate poverty.
Rebutting charges levelled by BJP that the government was doing nothing to revive the economy, he said “this Budget is oriented towards employment, poverty alleviation, economic uplift and demand generation.”
Pointing out the 6.8 per cent deficit for 2009-10, he said it was 12.5 per cent in the US and 15 per cent in the UK and still “nobody questions them”.
He said the Finance Minister has presented the budget at a critical time for global and Indian economy. “Even in these times, the UPA Government has given a growth rate of 6.7 per cent,” he said.