Tdp: Reforms By Upa Increased Unemployment

[katharnak]

Hyderabad, Oct. 27: TDP senior leader and Politburo member Yanamala Rama Krishnudu has said that the much publicized economic reforms of the UPA government had only resulted in more unemployment and increased economic imbalances.

In a statement here on Thursday, the former Finance Minister stated that the government could not save the interests of the youth and the poor, through the reforms about which it had boasted. He has alleged that unemployment had increased by 10 percent in the country and 11 per cent in the State, during the post-reforms period.

Though the government had claimed that the industrial development rate would increase by leaps and bounds because of the liberalization policy, it had gone down, when compared to countries like China, he stated. While the industrial development rate had gone down from 12.2 percent to 7.5 percent in the country, it had gone down to 7.79 percent from 17.6 percent in Andhra Pradesh, Mr Yanamala has said. He said that though two lakh acres of agriculture lands were taken over for turning them into industrial estates, no industries came up. He said the measure had turned agriculture fields into mere barren lands.

Referring to the claim of the Union government that India would not be affected by the economic meltdown the world over, Mr Yanamala has stated that lakhs of youth had lost their jobs in the IT and industrial sectors. He has alleged that the UPA government had totally failed in controlling unemployment in the country. He said that even foreign direct investment had considerably gone down.

Stating that the government had failed in the rapid development of infrastructure compared to countries like China, Mr Rama Krishnudu has said that the government had failed in achieving self-sufficiency in power generation. He has alleged that the government had failed on all fronts, including employment, infrastructure, industrial development, removal of poverty and social and economic discrepancies.

Recalling that the Reserve Bank had increased repo rates and interest rates for 13 times in the guise of controlling inflation, Rama Krishnudu has said that the measure could not control inflation. Besides, it had thrown an unbearable burden of indebtedness on the common man, he has observed. Stating that the inflation which was 4 percent in 2004 had gone up to 10 percent now, he said the government was unable to bring it back to single digit. Rama Krishnudu has said that because of enhancement of the interest rates, investments in industrial sector had come down and it influence had fallen on the industrial growth rate. He said while the industrial growth rate had gone down by 4.7 percent in the country, it had gone down by 1 percent in the state.