Narendra Modi mocks PM, says money grows in farms, factories

Zee Media Bureau

Ahmedabad: Blaming an ‘indecisive’ UPA government at the Centre for the falling rupee, Gujarat Chief Minister Narendra Modi on Wednesday said the economy was in the doldrums as those at helm in Delhi were not taking decisive steps to resurrect it.

Speaking at the Zee Media’s “India’s Best Market Analyst Awards 2013” here, Modi said, "There is a debate going on about early elections. Somebody asked me about it to which I said 'how can this government which has not taken any decision in the last nine years will decide about early polls'?"

"Every nation sees good and bad times, we have our highs and laws but leadership of his country seems to have lost confidence (of people)," Modi said.

Taking a dig at the Prime Minister's statement that money does not grow on trees, Modi said "we Gujarati believe that money grows in farm, in factories and by the sweat of a labourer. Farmers of the country grow money, labourers grow money in factories."

Speaking about the falling rate of Indian currency, he said "Rupee is depreciating sharply...I wonder if there is a competition going on between the Delhi-based (UPA) government and the Rupee on who is losing esteem faster."

"When the country gained independence one rupee was equal to a dollar, when Atalji's government came to power rupee was at 42 when he left it was at 44 and during the regime of an economist-PM it has now reached 60," the BJP's campaign committee chief said.

Modi alleged the Manmohan Singh government is to be blamed for the middle-class losing confidence in the stock market, lack of impetus to the manufacturing sector, rupee woes, low savings, price rise and huge current account deficit (CAD).

The Gujarat Chief Minister said it is ironical that though the country has vast coal reserves, power plants are facing fuel shortage and not producing electricity.

"We have coal mines, we have electricity generation plants, we have consumers. But 20,000 MW capacity generation plants were lying idle due to policy paralysis...The coal was not reaching the plants and India has plunged into darkness", he said.

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"During the last nine years of Congress-led regime, the country has been saddled with new (economic) burdens whereas when the Britishers departed, the country had a surplus," the BJP leader said.

Speaking about low FDI inflows into Asia's third largest economy, Modi charged "investors have lost confidence in India."

Due to rise in prices of essential commodities, retail investment by middle and upper middle classes in the stock market has declined, the Chief Minister said.

Modi also took on Finance Minister P Chidambaram over his suggestion that people should reduce their appetite for gold as the precious metal's consumption is leading to expansion of current account deficit.

The Finance Minister is saying that people should not invest in gold but a small investor has no other option but to invest in the yellow metal, he said.