Longowal: Expressing concern over increasing fiscal deficit in the country, BJP president Rajnath Singh said on Tuesday that after the implementation of the Food Security Act, the Current Account Deficit (CAD) may touch "alarming dimensions".
“The CAD may touch alarming dimensions after Food Security Act is implemented," Singh said.
The deficit in Current Account occurs when total import of goods, services and transfers is greater than the total export, while fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates.
Singh was in Longowal to pay homage to former Shiromani Akali Dal (SAD) president Sant Harchand Singh Longowal on his 38th death anniversary.
He said that although the BJP supports the Food Security Bill, the party wants certain amendments in the scheme.
“The wrong policies of the Congress-led UPA government has pushed the country to such a situation that revival of fiscal investment will be an uphill task contending that the foreign and domestic investments have dipped,” Singh said.
Singh said it is for the first time after independence that the economic condition of the country is such that international rating agencies have rated it at so low.
The BJP leader said that continuous dip in value of the Rupee was welcome as far as exports were concerned, but on the contrary, the import cost has increased in case of a large number of products affecting various sectors, including manufacturing.
Singh termed the Congress-led UPA government a big failure on all fronts including internal and external security.
Lauding the Atal Behari Vajpayee-led NDA government, in which SAD was an alliance partner, Singh said the growth rate at that time was about 8.4 which has now dipped to 4.8.
Singh said that they were expecting good relations from newly-elected government in Pakistan but now “it has been clarified that the Pakistan government neither has control on its army nor on ISI.
The BJP president said that India was facing a grave crisis as both China and Pakistan were posing serious threat to the sovereignty of the country.
Singh, however, lamented that the “feeble” UPA government has failed to give a befitting rely to them.
He said, “UPA government should have stopped the dialogue process with Pakistan after the sinister move of its Army, but Congress leaders have failed to protect the interests of the country.”
Referring to the recent killings of soldiers on the LoC, Singh said the Prime Minister owes an answer to the country that’s “why the government had been a mute spectator to the killing of soldiers of our country”.
Due to the wrong policies of the successive Congress governments, India has failed to emerge as a strong nation whereas many other smaller nations which got independence after India have now emerged much stronger than our country, the BJP leader said.
In his address, former Union minister Shanta Kumar said that the Centre “has insulted the supreme sacrifices of the national heroes by terming that Shaheed Bhagat Singh was not a martyr”.
He said that this “cruel joke” with the national martyr was not at all acceptable.
BJP national spokesperson Shahnawaz Hussain said that Longowal had sacrificed his life for the cause of national unity and integrity.
Punjab Chief Minister Parkash Singh Badal exhorted people to ensure the formation of an NDA government at the Centre “to restore the prestige of the country and safeguard the sovereignty of the country”.
Badal alleged that owing to faulty policies of the Centre the internal and external security of the country was in deep peril.
He also claimed that the Union Government has failed on all the fronts and the devaluation of the Rupee was a testimony to this.
Comments
0 comment