New Delhi, Mar 14 (UNI) The Bhartiya Janata Party (BJP) today dismissed the Government's claims of progress in the Budget 2007-08 presented by Finance Minister P Chidambaram and accused the UPA Government of neglecting farm sector, high inflation and slow pace of economic reforms.
Initiating a discussion on the General Budget in the Rajya Sabha, BJP leader Yashwant Sinha said a lot of expectations were voiced through media from the fourth budget of the UPA government and the sixth presented by Mr Chidambaram, but ''there was only disappointment''.
Mr Sinha said in his budget speech Mr Chidambaram said that a target of 10 per cent GDP was fixed in the beginning of the 10th Plan period and the ''same is nearly achieved.'' When this target was fixed by Planning Commission at the beginning of 10th Plan, it was said ''Mungeri Lal Ke Haseen Sapne came true''.
There were failures, low agricultural production, low GDP, high inflation, higher interest rates and slow pace of economic reforms, the former Finance Minister said.
Mr Sinha sought to know what measures Mr Chidambaram would take to sustain the growth rate. ''It is not a secret that to maintain a sustainable growth rate the inflation, interest rates and demand for real estate have to be controlled as they have a multiplier effect on the economy,'' Mr Sinha said.
''Because of moderate rate of growth we have tremendous activity in the manufacturing sector, because it is led by consumer demand and not investment like it is in China,'' Mr Sinha added.
''Budget was a general disappointment as no sector appeared to be happy with it. And, Mr Chidambaram says we have not caused any damage to anyone,'' he wondered.
The Central issue in economy today is inflation which has affected a steep rise in prices of essential commodities.
Mr Sinha said the Finance Minister in his budget speech had said ''When UPA government resumed power the inflation graph was on the rise, NDA is responsible for this.'' Citing successive economic surveys, Mr sinha counted on the failures of the UPA government.
MORE UNI
Initiating a discussion on the General Budget in the Rajya Sabha, BJP leader Yashwant Sinha said a lot of expectations were voiced through media from the fourth budget of the UPA government and the sixth presented by Mr Chidambaram, but ''there was only disappointment''.
Mr Sinha said in his budget speech Mr Chidambaram said that a target of 10 per cent GDP was fixed in the beginning of the 10th Plan period and the ''same is nearly achieved.'' When this target was fixed by Planning Commission at the beginning of 10th Plan, it was said ''Mungeri Lal Ke Haseen Sapne came true''.
There were failures, low agricultural production, low GDP, high inflation, higher interest rates and slow pace of economic reforms, the former Finance Minister said.
Mr Sinha sought to know what measures Mr Chidambaram would take to sustain the growth rate. ''It is not a secret that to maintain a sustainable growth rate the inflation, interest rates and demand for real estate have to be controlled as they have a multiplier effect on the economy,'' Mr Sinha said.
''Because of moderate rate of growth we have tremendous activity in the manufacturing sector, because it is led by consumer demand and not investment like it is in China,'' Mr Sinha added.
''Budget was a general disappointment as no sector appeared to be happy with it. And, Mr Chidambaram says we have not caused any damage to anyone,'' he wondered.
The Central issue in economy today is inflation which has affected a steep rise in prices of essential commodities.
Mr Sinha said the Finance Minister in his budget speech had said ''When UPA government resumed power the inflation graph was on the rise, NDA is responsible for this.'' Citing successive economic surveys, Mr sinha counted on the failures of the UPA government.
MORE UNI
Oneindia Login