Indian economy doing most poorly among major world economies
Jul 16 2014 , New Delhi
"Among the major economies, Indian economy is doing most poorly. It has had the worst economic performance in 25 years. Below five per cent growth for successive two years is scandalous and shameful," BJP member Jayant Sinha said in the Lok Sabha while participating in the discussion on the Union Budget 2014-15.
In the last five years, the consumer inflation was 10 per cent a year unlike any other major economy in the world, he said, adding that it was truly embarrassing that the country was "entrenched" in inflation.
Sinha, son of former Finance Minister Yashwant Sinha, said the economy did badly due to crisis of confidence of both domestic and foreign investors on account of policies of UPA.
The rate of savings came down from 33 per cent to 30 per cent and people started hedging the risks by buying more gold.
Stressing that the new government's ideology is different, Sinha accused the previous UPA regimes of following "mindless populism" which led to higher inflation.
Harvard-educated Sinha said the budgetary measures would help in boosting the country's investment cycle.
The budget has presented a high quality fiscal consolidation road map and the focus is on stabilisation of macro economic conditions, he said.
"We have to manage the legacy left by you. It is a huge challenge...People don't want doles, people want jobs," Sinha said.
In an apparent reference to policies of the previous regime, he said the Opposition needs to "introspect".