CPI(M) and JD(U) ask Government to strengthen domestic market

Ranchi/New Delhi, Aug. 17 (ANI): Political parties on Saturday blamed the ruling Congress Party for the country's economic meltdown, and asked for a change in policy which would strengthen the domestic market.

Bharatiya Janata Party (BJP) leader Yashwant Sinha said the fiscal deficit rose to six percent in 2009, after the Government waived off farmers' loans to win the polls and launched the 100 days of guaranteed work programme, MGNREGA.

"The fiscal deficit of the Indian government's budget was 2.7 percent. It increased to six percent after they took steps to win 2009 elections. It is hovering around that level since then. Now it has come to five percent. They did it knowingly. It has affected inflation," Yashwant Sinha said in Ranchi.

Meanwhile, the Communist Party of India-Marxist (CPI-M) asked the UPA-led Government to change its policy direction by investing in domestic infrastructure projects and stopping the incentives which are being given to corporates.

"We say , change the policy direction - concentrate on expanding India's domestic demand. The world is in slump. You can't gain by exporting. There is no market abroad. So expand Indian markets. For that, stop giving these incentives to corporates, collect legitimate taxes, utilise those taxes for public investment to build up our much needed infrastructure that will create jobs; that will increase domestic demands on the basis of which manufacturing and industry will grow," Sitaram Yechury said in New Delhi.

Earlier today, the Janata Dal (United) made a similar demand asking for the UPA-led Government to concentrate on enhancement of the domestic market.

"We have nothing but our domestic power-we have our minerals and industry. We should strengthen that. The condition of the economy is going to worsen and they are not going to be able to handle it. It is going to be a problem for the next Government," JD(U) chief Sharad Yadav said.

Meanwhile, Union Cabinet Minister of Commerce and Industry and Textiles Anand Sharma on Friday lauded the UPA-led Government for attracting massive FDI in its tenure, as compared to the previous NDA Government.

Sharma pointed out the successful economic policies of the UPA tenure, saying that USD 273 billion has come into the country in FDI, under the present government. Under the NDA, he said, FDI in the country amounted to less than USD 30 billion. (ANI)