The Bharatiya Janata Party (BJP) has hit out at the Congress party-led UPA Government over the sharp weakening of the rupee, inflating the current account deficit.
Talking to media here, BJP spokesperson Nirmala Sitharaman said the government must introspect on the causes for this downward slide.
"It is time to introspect as to what brought the economy to this level. Why is the economy in such a situation? That you are fire fighting is a very critical question to ask after nine uninterrupted long years in governance," she added.
She also criticised Finance Minister P. Chidambaram for suggesting that people should not invest in gold.
"The Finance Minister has commented that there is no need to panic and indulged in self-congratulation about the state of the economy," Sitharaman said.
Sitharaman further said minor upgrade of India's position by ratings agency Fitch is now being highlighted by the government, which had earlier decried ratings agencies and their ratings.
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Asserting that reviving the economy is not a one-day match, Chidambaram on Thursday urged experts and people to take a "long-term view", and added that significant reforms have been rolled out in the last nine months, and more reforms would be unveiled in the coming weeks.
Addressing media here, Chidambaram, who seemed to be in agreement with rating agency Fitch on reform initiatives, said: "It is not an ODI match, a wicket or a six is expected in every ball in an ODI. Economic reforms don't work that way. Reviving the economy, reviving investor sentiments, might appear slow, if we don't take our eyes off the ball, it will yield results."
He further said that after nine months, there is acknowledgement that steps taken are yielding results.
He said that several decisions will be taken over the next few days and added that the government is looking forward to more reforms to achieve the desired results.
"We will leave no stone unturned to achieve revenue and fiscal deficit targets," he said, adding that decisions on coal and gas pricing, and revision in FDI limits is being considered.
On the Indian currency's steep fall in the past few days, he said, there is no reason for panic over the rupee decline.
"It will regain losses suffered in last few days and find its level," he added.
