Sharad Yadav rubbishes TIME story

New Delhi: The JD-U today asked the government to "introspect" over its support to the open market economy in the wake of TIME magazine's criticism of Prime Minister Manmohan Singh dubbing him as an "under achiever".

"The Indian government is following US and European economy model. Prime Minister and his ministers including Chidamabaram and also Planning Commission Deputy Chairman Montek Singh Ahluwalia are working round the clock for the open market system," JD-U leader Sharad Yadav told reporters.

He said, "Despite their efforts the Western power is not happy because they want more. The ruling party is the big patron of the open market system. It is a lesson for Singh and his team that they do not want to spare you despite your effort to open up the market."

Advising the ruling parties to "introspect and have self respect", the JD-U leader said, "the western countries want more opening in the market like FDI in retail."

Yadav also rubbished the report of Standard and Poor's downgrading the rating of the country.

Criticising the US and Europe for pushing the "system of loot", he asserted that the Prime Minister also favoured open market.

"He had even deserted the Left for signing the nuclear deal with US. One should understand they will be satisfied only when the loot system will be fully introduced here," Yadav asserted.

Criticising the TIME magazine, he said, "TIME is the patron of capitalism. They want FDI. It is unfortunate that we are giving so much importance to the TIME magazine's view. It is a pressure tactic. Their opinion has no meaning here as it is not going to benefit the poor here."