THERE'S CAUSE FOR WORRY ON THE ECONOMIC FRONT, SAYS BJP By Frederick Noronha
PANAJI (Goa), April 12 (IANS) There's cause for worry on the economic front, the ruling BJP has cautioned, with party president Jana Krishnamurthy pointing to the worrying situation on debt-servicing, bulging food-stocks in a country where poverty is still a problem, and problems hitting "every section of the textile industry". In his tone-setting presidential address to the three-day BJP national executive meet, which got underway in this coastal holiday state on Friday, the party president pointed out that India "has to borrow even to meet part of the debt servicing, let alone being able to meet developmental and current expenditure". In such a fiscal situation, he said, "tightening up of (the) belt is a must". But, as citizens have face a surcharge on income tax, cut in interest rates on small savings, or a hike in petroleum prices, Krishnamurthy argued that the people expect their sacrifices not to be wasted and suggested that "austerity measures by the government will go a long way in winning the goodwill of the common people". "It is crucial to have the cooperation of the people for implementation of economic reforms. While they have to tighten their belt... people expect that their sacrifice would go for a noble national cause," he argued. Another issue he highlighted was the pressures on India's textile sector -- mill, powerloom and handloom -- which together provide jobs to millions, second in importance to this country only after agriculture. "Today this sector is afflicted with problems. Every one of these sections of the textile industry cries for our attention. Maybe some of their problems are creations of their own, some may be due to high competition from other countries, and perhaps a few owing to the governmental policies and lack of due attention or coordination," the ruling party's chief said. He said due to this "lakhs of families" dependent on the textile industry "are likely to be thrown into the streets" and called on the central government to coordinate efforts for a "healthy interaction" between the textile, finance and small-scale ministries to "retore to its health" the entire industry. "This is most essential as it is facing very stiff competition from foreign goods," said Krishnamurthy. The party chief also coiced concern over "bugling food stocks" turning into a "big headache". India's silos of foodgrains are currently estimated to touch 60 million tonnes, and cross 75 million tonnes during the next procurement. Allocation of foodgrains to 35 kgs a month for 'below poverty line' families along might not be enough, said Krishnamurthy. He argued that such families, being daily-wage earners, needed "flexibility on distribution" so that they could purchase foodgrain not on a fortnightly or weekly basis, but even on a daily basis. He suggested food coupons as a way out. Krishnamurthy said India's move into second generation reforms is "as it should be". But, he also called for a "through assessment" of the impact of first generation reforms, over whether it had achieved its purpose, accelerated growth and developed the economy, or whether correctives "in approach, in direction and in implementation" were needed. "Economic reform measures are crucial if one is seriously committed to bring the economy out of the mess.... But the crucial question in this context is how much the party would be able to convince the section of society which is affected by economic reform measures -- specially the second generation (reforms)," he added. Earlier in his speech, he looked at the ruling party's recent debacle in regional elections -- in Punjab where "we got the worst beating", the Delhi Corporation results which "capped our electoral disappointment, in Uttranchal where results proved contrary to public opinion, in UP "where we had to be content with the third position while we were reasonably sure that we would retain our number one position". (Indo-Asian News Service) =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-W-E-B---S-I-T-E-=-=-= To Subscribe/Unsubscribe from GoaNet | http://www.goacom.com/goanet =================================================================== For (un)subscribing or for help, Contact: [EMAIL PROTECTED] Dont want so many e=mails? Join GoaNet-Digest instead ! =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= Help support non-commercial projects in Goa by advertizing!! * * * * Your ad here !!
