New Delhi: Communist Party of India leader Gurudas Dasgupta on Wednesday hit out at the Congress-led UPA Government for its economic policies, and said that the country is on the brink of an `economic emergency`.
"The government has no political will to hold the present situation. They are bringing ruin to the country. We have almost reached a situation where there maybe an economic emergency," Dasgupta said.
Dasgupta, specifically, taunted Finance Minister P Chidambaram, and said that he is inept to take decisions that can alleviate the present deteriorating condition of the country`s economy.
"The government does not take care-it leaves everything to the market, when the market is collapsing. The government should take emergency steps. What is to be done should be a matter of discussion between the Finance Ministry and the Reserve Bank of India (RBI)," Dasgupta said.
"Everything is left to a single person known as Chidambaram-a lawyer turned economist. He is incapable of taking a decision. He is only talking about reforms. Reform does not mean that everything will be decided by the speculators," he added.
Earlier today, Bharatiya Janata Party (BJP) leader Yashwant Sinha suggested that the country should go into early Lok Sabha elections to bail the economy out of its present slump, and said that the economic future under the Congress-led UPA Government looks bleak.
On Wednesday, the rupee continued to topple and hit its record low of 68.75 against the U.S. dollar.