Bharatiya Janata Party (BJP) President Rajnath Singh on Monday held the Congress-led UPA Government responsible for the deteriorating economy, and said that fiscal and current account deficit has completely got out of control.
"Congress-led UPA Government has brought the economy to the Intensive Care Unit (ICU) condition. Our Indian currency has been put on a ventilator, dollar on an escalator, domestic investors are on runway, and unemployed youth are on highway. I am saying all this because fiscal and current account deficit are out of control. Trade deficit is increasing therefore current account deficit is also rising. The economic disparity or the income disparity is also increasing in our country," he told media here today.
The rupee, which touched an all time low of 68.86 to a dollar last month, is trading around 62.63 to a dollar on Monday.
The Reserve Bank of India (RBI) and the Government are taking steps to control the declining value of rupee, which includes restrictions on gold import, check on outward remittances by individuals and overseas investments by companies.
Growth has slumped in the first quarter of the 2013-2014 year, and presently reads at 4.4 percent.