New Delhi (PTI): The BJP on Friday demanded that the government announce a "long-term" plan to bail out the country's economy from the present "crisis".

"This is not the time for short-term measures like CRR cuts. The government should rather sit down at the highest level with regulators like RBI and SEBI and come out with a long-term plan to bail the economy out of the crisis," senior leader Yeshwant Sinha told reporters here.

It is rather wrong for the government to say that the present crisis has to do with the American meltdown, it is actually a total sum of the domestic failures and the international realities, he added.

"Not only the sensex, the real economy has also started manifesting the signals of a crisis. No ad-hoc measure can help the country in the present scenario," Sinha, who is also a former Union Finance Minister, said.

Sinha alleged that the present liquidity crisis is a handiwork of the "UPA regime and its wrong policies."

"I would advise this government to desist from show of any bravado after spending without a minimal concern for the budgetary deficit. The Index of industrial production for August this year is a warning bell," Sinha said.

I can only hope that the government deals with the present crisis in a non-partisan manner and would rise above the habit of taking short-term and ad-hoc measures, he added.