Economy might slip back into pre-liberalisation state: JD(U)

NEW DELHI: The economy might slip back into the pre-liberalisation state if the government does not take proper steps, JD(U) said today, claiming no fresh capital investment is taking place in the country.


"If the government does not take proper economic steps then the country will again reach the state of 1991 when it had to pledge its bullion to other countries. The present economic situation is scary as no investment is taking place," JD(U) MP N K Singh said here.

Presenting his party's economic resolution on the last day of its executive committee meeting here, Singh said, "Our people are investing in other countries. They have lost their faith over the present economic policies."

JD(U) unveiled its nine-point economic agenda which sought fresh policies to revive the pace of economic development and funds to address social issues and poverty.

"There is a need to have fresh policies to address the widening gap in income between states and to ensure inclusive growth in the country," he said, adding that the consultation between the Centre and states to strengthen economic federalism should be made more meaningful.

JD(U) also insisted that more focus should be given towards employment generation and development should be the central point for all economic activities.

It also demanded easy agricultural loan for farmers while strengthening rural economic structure to ensure higher agri growth especially in northern India.

"There is a need to run economic programmes to ensure more jobs and improving the lives of people living in backward areas particularly Dalits, scheduled tribes, women, farmers, minorities etc," Singh said, adding that new policies should be created for overall employment generation.

For service sector, JD(U) demanded a policy intervention to promote healthy competition.

Singh said states' share in national GDP should be determined on the basis of their population.

"For states like Bihar, the share in national GDP is too small. The Centre should initiate right steps to ensure that states get their due share of national GDP. It will help us address the ups and downs in national development," he said.

The proposal was endorsed by JD(U) national executive. Party President Sharad Yadav and Bihar Chief Minister Nitish Kumar were also present on the occasion with several other top leaders.