BJP demands safeguards against global meltdownSeptember 24th, 2008 - 7:34 pm ICT by IANS
New Delhi, Sep 24 (IANS) The Bharatiya Janata Party (BJP) Wednesday asked the government to detail the measures it was taking to ensure that the global financial crisis does not impact the country.”The BJP wants the government to tell the nation as to what safeguard actions it is taking to ensure that the global crisis does not impact our own banking and financial sector,” BJP spokesperson Ravi Shankar Prasad said Wednesday.
Addressing newspersons here, the BJP leader accused the government of not being able to contain inflation and doubted if it could deal with the global crisis.
“The only option shown by the UPA government in containing inflation has been to revise the interest rates, which shows that they have run out of ideas and don’t have the will to contain it,” said Prasad.
The banking and investment sector throughout the world has been hit sharply after investment sector giants Lehman Brothers filed for bankruptcy and Meryll Lynch was sold off. Indian markets have also experienced side effects with depreciation in the value of the rupee.
India’s inflation is at a 13-year high at 12.14 percent currently.
The global slowdown has been triggered by the crisis in the US, led by its housing loan schemes.
Asked how the housing loan scheme brought by the erstwhile BJP-led National Democratic Alliance (NDA) government was any different, Prasad said, “You cannot compare the two. There was no mortgage scam during our time and we always contained prices.”
The NDA government during its 1999-2004 tenure introduced housing loan scheme and encouraged banks to extend house loans on lower interest rates.