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HindustanTimes Wed,16 Apr 2014

Dhumal blames UPA for rupee devaluation

HT Correspondent, Hindustan Times  Shimla, June 28, 2013
First Published: 18:56 IST(28/6/2013) | Last Updated: 18:57 IST(28/6/2013)

Castigating the Congress-led UPA government for the financial mess, former chief minister and BJP leader Prem Kumar Dhumal on Friday said the UPA government's economic policies were responsible for the fast devaluation of rupee, which crossed the level of Rs. 60 in comparison to $1.

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“The Indian economy has been totally shattered during the UPA regime of nine-and-a-half years,” Dhumal said, adding that the common man would face high inflation and unemployment if the UPA government remained in power.

“Imports will become expensive and petroleum products, steel and coal will increase the import bill of the country,” said Dhumal.

To oust UPA from power was the only permanent remedy, he added.

Dhumal said devaluation of rupee would make the export cheaper that would hamper the export industry. It would decrease the production rate and with decline in production rate, employment would decrease simultaneously.

Taking an opportunity to lash out at UPA, Dhumal said inflation had reached double digit which had slow down the economic growth of country.

Dhumal alleged that the wrong economic policies of the UPA government would affect the future of the educated youth in the country.

The government decision of increasing the freight in railway and decontrolling the petrol and diesel prices would increase the prices of essential commodities.

The growth domestic product (GDP) of the country was 5.25 against targeted growth rate of 7.6%. “The fall in the growth rate of the economy will lead to inflation and unemployment in coming years,” said Dhumal.

Charging UPA for selling nation's economy in foreign hands, Dhumal said the UPA government failed to fulfill the target of 3% fiscal deficit.

“Himachal Pradesh achieved the target of 3% fiscal deficit during the BJP regime,” he claimed.

“The fiscal deficit was recorded high as 4.8% during the UPA fiscal year 2013-14 and would further increase due to devaluation of the rupee,” he added.

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