Upset at reports of forecast about India's growth rate for 2012-13 being mere 5.5 percent, senior Bharatiya Janata Party (BJP) leader
Arun Jaitley on Friday said that the growth rate would also reduce the government's flexibility, directly affecting the country's sustainable economy.
"Well, after nine years of interrupted rule by the UPA, the economic situation now looks gloomy; the recent projection that this year may see, only a five percent rate of growth is a cause of serious concern to the whole country," said Jaitley.
"A five percent growth rate will deplete revenues, will reduce the flexibility of the government to come out with poverty alleviation schemes and the image of a booming Indian economy now stands very seriously disturbed," he added.
Jaitley, who is the Leader of Opposition in Rajya Sabha, further said that the Central Government's boisterous claim of facilitating the entry of foreign direct investment (FDI) into Indian markets is a faux in the wake of a lowering GDP.
"You do not merely need showpiece measures like announcing FDI in retail with big fanfare and eventually resulting in not even a single investment project being cleared. You need to draw a full roadmap by which India can have a sustained 9 percent growth rate for at least a decade," he added.
Meanwhile, another BJP leader Yashwant Sinha, while referring to a World Bank report, mentioned that the problem of slow economic development resulting in low GDP is home grown.
"There was recently a report by the World Bank that it is wrong to blame the global crisis for India's economic problems. The problems are home grown, the problems are the creation of the UPA Government and the problems and they have brought a perfectly healthy economy down on its knees and have plunged the economy into a total mess," said Sinha, who was the country's Finance Minister during the NDA regime.
India's slowest growth in a decade could be worse than anticipated, as preliminary data released on Thursday showed the economy set to have grown five percent in fiscal year ending next month, underscoring the urgent need for reforms to boost growth. (ANI)