Statement of Dr. Subramanian Swamy,
President of the Janata Party.
I demand that the Prime Minister’s Office publish a White Paper on the steps he has taken so far to meet the financial crisis that is looming in the country as indicated by: (1) Rising Centre and State combined fiscal deficit which has crossed the danger mark of 10 percent GDP threatening galloping inflation and the consequent debt trap in the Central Budget which may necessitate declaring the default of payment of Government salaries by next year; (2) The sharp rise in the current account deficit (CAD) as a ratio of GDP which has shot up in the last three years from less than 2-1/2 percent to an excess of 6-1/2 percent of GDP depleting India’s foreign reserves and threatening the default of re-payment of India’s external debt liabilities and which could lead to India being declared of ‘junk’ status by international financial agencies.
The Prime Minister Dr. Manmohan Singh however seems paralysed and bankrupt of any fresh ideas that he can on his own implement. The Prime Minister of India today is no more the sole head of the Executive. In fact, he is subject to the veto of Ms Sonia Gandhi.
The diarchy in authority exercised today in the UPA Government has completely wrecked Indian policy making and reduced the Government into a terminally ill lame-duck. Hence it is better that the Prime Minister take mercy on the common man and call for early elections in October so that the nation can vote in a decisive team to power, to stave off this looming dark crisis on the economic horizon.
(SUBRAMANIAN SWAMY )
http://www.ptinews.com/news/3539573_Swamy-demands-white-paper-on-economic-situation