Janata Party President Subramaniam Swamy today said ‘Indian Economy is in bad shape and the budget of the UPA II government is bankrupt.’ Addressing the press here, he alleged that the only way for the UPA Government to raise money was to have a control on natural resources instead of giving it at a low price. He reminded that the 2G Spectrum licences had been given at a low price to private operators and the licences of the operaters were later cancelled on the directions of the Supreme Court and fresh options was to take place. Mr Swamy said in 2008, the Manmohan Singh government had garnered a revenue of Rs 14,000 crore through sale of licences even though the CAG had estimated the government had incurred a loss of Rs 1,76,000 crore through auction of licences. The CAG’s estimate was low according to fresh estimates as the government would get a revenue of Rs seven lakh crore through this, he said and added that there was four-and-half crore budget deficit and the revenue garnered through spectrum could be converted into the budget. There was budgetary deficit due to inflation and other problems, the former Union Minister said. Turning his ire on the Kiran Kumar Reddy government, he alleged that the Congress government in Andhra Pradesh was giving away free coal and mining sites for setting up industries. UNI
