BJP accused the UPA government of mismanaging the economy and leaving the economic affairs of the country in a "total mess".
BJP on Tuesday accused the Congress led UPA government of mismanaging the economy during the last five years and leaving the economic affairs of the country in a "total mess".
"The fact is that UPA government has thoroughly mismanaged the economy during the last five years. The fact of the matter is that it had inherited an economy in the pink of health when it assumed office in May 2004 and is leaving behind an economy in a total mess," party leader Yeshwant Sinha told reporters here on Tuesday.
Growth has slowed down considerably, demand has decelerated, government's budgetary deficit has crossed all prudential limits, employment opportunities have not only declined sharply but those already employed have also lost their jobs, he added.
"Even the government revenues are declining and the economy is in for a long haul. This is the contribution of the Congress party which leads the UPA government," Sinha, the former union finance minister in the Vajpayee led NDA regime alleged.
Criticising UPA for today's announcement of 25 basis point cut in repo rate and its monetary policy, Sinha claimed government was taking only "half hearted measures" to control price rise while it should have gone for a "drastic cut" in the repo rate to ease the money flow into the market.
"Never before in our entire economic history has there been such a disconnect between the Wholesale Price Index (WPI) and the Consumer Price Index(CPI). Today, WPI is down to almost zero while the CPI continues to hover around double digits," Yeshwant Sinha said.
"Government's and RBI's monetary policy measures including tightening of liquidity and raising of interest rates has slowed down the economy without having any impact on the prices of essential commodities," he added.
"The slowing down of the Indian economy pre-dates the global economic crisis and is entirely the creation of the misguided policies of the government," Sinha claimed.
The BJP leader also claimed that "price rise was a major issue" in this election and it is only those who do not go to the market to buy their daily requirements who think that price rise is not an issue.
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