BJP demands an all party meet on Economic Meltdown

New Delhi, Nov 11 (UNI) Expressing its serious concern over the global economic meltdown which has started showing its repurcussions in India, the BJP today demanded the economist Prime Minister Manmohan to convene within 15-days an two-day all party round table to discuss the crisis.

"The unfolding economic meltdown has started hitting Indian economy with brutal force. It is a national crisis and we feel it shall be dealt with jointly by all," BJP spokesman Prakash Javadekar told newspersons.

He said in the round table, the Prime Minister could seek opinions of top economists, industry leaders and people representatives to deal with the situation.

The steps like cutting CRR or Repo rate, although belated, taken by the government were not sufficient, he said, adding that the 15% downturn on export front in October was the indication of shape of the things to come in near future, Mr Javadekar said.

The meltdown had made its first victims in real estate sector which was witnessing "No Booking" phase, forcing it to close many projects and render thousands of workers jobless. The situation in the textile and auto industries was no different. Tatas, Leylandand other auto majors were working either one shift a day or 3 days a week, he claimed.

The party charged that even after releasing the liquidty, banks were not releasing the sanctioned funds.

Mr Javadekar said the Government instead of taking some effective measures, was not doing anything except appointing all types of committees only. While the US, Europe and even China had offered bail out package, the UPA Government seemed to be happy with setting up committees like Group of Ministers, the high power committee, the special commitee and advisory committee on the subject, he said.

UNI KAS/MCN SY KN1647