BJP demands Chidambaram's resignation

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New Delhi, Oct 24 (UNI) Asserting that the volatility and the blood bath in the stock market was basically because of 'home grown' reasons and had very little links with the happenings in the global crisis, the BJP today demanded the scalp of Finance Minister P Chidambaram for making 'deliberately misleading statements' on the stock market situation almost every day.

BJP Vice President and former Finance Minister Yashwant Sinha said the sensex figures touching 21,000 points or the steep fall in the stock markets were all because local factors resulting in the flight of 38 billion dollars during the last six months.

He said only yesterday after Mr Chidambaram's announcement about the measures proposed to be taken by Regulators -- Reserve Bank of India and Securities Exchange Board of India--lifted up the intra-day market sentiments to dizzy levels before a fall.

There should be a probe who gained and who lost in yesterday's trading after Mr Chidambaram's statement, he said without taking any names. The FM, he said, had proved to totally helpless and he has no reason to continue in office, he said.

Asking if the FM's statements day after day advising people to hold on to their shares and asserting the strength of fundamentals of the economy were appropriate, Mr Sinha said it was objectionable for the minister to make statements triggering off sentiments in the market. People initially though RBI and SEBI will act but when they realised that the FM was misleading the sensex figures fell, he claimed.

Asked if he suspected any individual benefiting from the stock market volatility, Mr Sinha said he had expressed himself in Rajya Sabha blaming 'vested interests' for the fiasco. For such circumstances only two people can be held responsible, the Prime Minister and the FM, and here the FM should take the blame. Asked if he would seek the PM's resignation also, Mr Sinha said, "we will demand his papers when when it is his turn".

The bloodbath in the stock market today where the sensex points had crashed more than 1000 points was significant as the Government's Mid term review of credit policy involving decisions on Cash Reserve Ratio, Repo Rate and Statutory Leverage Ratio was to be announced and people were expecting further liberalisation. No such thing has happened and the market has not responded positively, he said.

Mr Sinha said the BJP had suggested a 'big bang' approach laying down a blue print for the future and not nibbling on the margins which was the hallmark of the UPA's policy. ''Basically, we are facing a crisis of confidence'', he said.


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