BJP accuses UPA of financial mismanagement | delhi | Hindustan Times
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BJP accuses UPA of financial mismanagement

delhi Updated: Feb 25, 2009 15:12 IST

Demanding a probe into the flow of unchecked FII money into the market, BJP on Wednesday charged the UPA government with indulging in financial mismanagement, thereby pushing the country to a 1991-like economic crisis.

"Figures in the budget document are completely fallacious and fabricated," senior BJP leader Arun Shourie said initiating the debate on interim budget in the Rajya Sabha.

He said the budget unveiled by Finance Minister Pranab Mukherjee has "absolutely nothing" to stimulate the economy. Rather the government was leaving a legacy of slowdown, shattered confidence and job losses, he said.

With fiscal gap of 10.7 per cent of the GDP (states combined), the government has left no headroom to revive the economy which is into deep problems not because of global economic crisis but of its own making, the member alleged.

Whatever has been done would prove to be "too little, too late". Reactions of the government to the high food prices last year choked growth when it resorted to sucking out liquidity from the system, he said.

He charged then Finance Minister P Chidambaram with allowing "naked short selling" (selling shares without possessing) by allowing the Participatory Notes (P-Notes) through foreign institutional investors last year when the downslide of the economy was evident.

Shourie said steps were taken "as if people who took these decisions were participating in the market".