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National
Swamy's warning
By Our Special Correspondent
CHENNAI,
AUG.13.
India is "sitting on the verge of an inflationary volcano," the Janata party president, Subramanian Swamy, has warned.
In a statement here, he said: "The Finance Minister is clueless... He does not realise that the Government is headed for a debt trap, in that new loans are enough only to cover the past interest payments. The Government has cornered half the public bank funds to pay for its daily expenditure and has left nothing for new investment in the private sector. There is no cushion left for the coming oil price rise or to meet the collapse of the agricultural sector due to the failure of the monsoon."
Dr. Swamy cautioned that if the trend continued, there would be a "severe financial crisis within the next six months," and the GDP growth would not exceed three per cent, with a surge in unemployment as well.
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