Madurai, Tamil Nadu, Mar 15 (UNI) Janata Party President Subramanian Swamy today demanded the immediate resignation of Finance Minister P Chidambaram for misleading the people by presenting a 'fraud budget'.
Addressing a press conference here, he alleged that the wrong decisions of Mr Chidambaram would adversely affect the Indian economy.
''How will he compensate the banks, which will waive the farm loans, from the tax receipts? The tax receipt is only Rs one lakh crore. Moreover, the government has to allocate Rs 53,000 crore for the Sixth Pay Commission,'' he said.
Mr Swamy said ''the Finance Minister will reimburse the banks only by printing currency, which will in turn lead to heavy inflation.'' He said out of the 90 million farmers, only two million farmers would benefit from the government's loan waiver and alleged that the Congreemen would swindle the money.
Stating that Mr Chidambaram had violated the Fiscal Responsibility and Budget Management Act (FRBMA), he said '' as per the Act the government has to reduce fiscal revenue deficit to zero-level by end of 2008. Now it's clear that it cannot be achieved by 2008-09. Hence Mr Chidambaram should be prosecuted under the FRBMA.'' UNI GSM AJ MIR AS1748