Sinha pooh-poohs Congress prophecy of gloom and doom’ economy

Releasing the economic agenda of the BJP-led National Democratic Alliance (NDA), Sinha told reporters that the economy has come out of the slowdown phase with inflation touching an all-time low, stock markets booming, bumper food crops, stable foreign exchange market and a low current account deficit (CAD). The new government after elections “will inherit an economy that is growing strongly,” he said.

This was in sharp contrast to what Vajpayee government had inherited 17 months ago when it came to power, he said decrying the remarks by former finance minister Manmohan Singh that the economy would face a crisis in six months.

Asserting that all sectors of the economy including, cement and steel had started looking up, Sinha said, “I would certainly like to take credit for this” since what the Vajpayee government had inherited was an “economy on the downward course.”

The economic recovery “is certainly not an accident but is due to skilful management of the economy and pursuit of right kind of policy,” he said.

Political instability and Kargil had not created any lack of confidence in our system because of good management of policies by the government, he said adding there was confidence that the Vajpayee government would come back to power to bolster the economy.

Asked about the Congress charge that BJP was indulging in double speak on swadeshi, Sinha said on the contrary it was the Congress which was indulging in double talk by ridiculing the concept of swadeshi.

There was no contradiction between swadeshi and liberalisation, he said adding swadeshi meant putting national interest first and foremost.

To a question that Sangh Parivar did not subscribe to the BJP led government’s view on swadeshi, Sinha said there were no differences now as Swadeshi Jagran Manch had understood our concept.

Sinha does not rule out Kargil tax after polls

NEW DELHI: Finance Minister Yashwant Sinha today did not rule out a Kargil tax after the elections saying any additional resource mobilisation could be considered after mid-term review in October.

However, currently there was no proposal to levy Kargil tax, he said adding “we would like to watch our tax efforts and in September-October we can decide to go for additional areas so as to meet the cost incurred in the Kargil operations.