Swamy accuses Chidambaram of taking economy to 'complete mess'

        Bangalore, Mar 30 (PTI) BJP leader Subramanian Swamy today
accused Union Finance Minister P Chidambaram of having left
the country's economy in a "complete mess" and said the next
government led by Narendra Modi would have to undertake major
reforms to undo the damage caused by the UPA government.
        "We are in a very, very delicate situation and the new
government will have to undertake major economic reforms to
rectify what damage the UPA has done to Indian economy," Swamy
told reporters here.
        Hitting out at UPA government for economic growth rate of
4.8 per cent when compared to NDA's 8.4 per cent, he said
fiscal deficit was at all time high and could lead to a major
crisis.
        "....government has now reached the stage that for every
Rupee that they borrow from public sector bank, 96 paisa they
have to repay as interest on principal for the previous loan."
        He said, "we are in a complete mess and the most alarming
part of today's situation is that the budget has been put in
such a difficult and bad state by Chidambaram ..."
        Stating that the next government would be led by Modi,
Swamy said, "it is going to face a situation of bankruptcy of
Indian economy, which it will have to rectify within six
months."
        BJP's manifesto will speak about some of the economic
reforms planned by the party, he added.
        Contesting UPA's claim that large part of economic crisis
is due to external crisis, he said "....we were affected by
the instrument created by Chidambaram that was called
participatory note....participatory note is a method of
laundering money that goes out of India to bring it back and
invest it in our stock market."
        "...the crisis was entirely due to UPA in creating an
instrument, derivative called participatory note....it is the
most dangerous money laundering weapon created in any country;
....tomorrow we abolish participatory note all this crisis
will disappear.
        Calling Unique Identification Authority of India as "one
more scam in making" he said "...this scheme is the most
useless scheme as judged by study done by the IIM-Ahmedabad
and the standing committee of Parliament on Finance."
        "In my opinion Nilekani should be prosecuted under Section
13 (1) (d) part 3 of the Prevention of Corruption Act for
squandering national resources to US-based companies
involved."

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