New Delhi: The BJP (Bharatiya Janata Party) concern over spiralling inflation and charged the UPA (United Progressive Alliance) Government with "abject failure" in formulating a coherent economic policy, which has led to disruption of growth momentum in the economy.

An economic resolution passed by the BJP National Council meeting in New Delhi today (Oct 27, 2004) alleged that the Congress had allowed the Communists to do backseat driving at the Centre and was neglecting infrastructure, agriculture and infrastructure development.

"The BJP National Council is distressed to note that within less than six months of assuming office, the UPA (United Progressive Alliance) Government has disrupted the growth momentum in the economy, achieved by the Vajpayee Government. Inflation, which was around 4 per cent during the NDA rule, has nearly doubled to levels that are the highest among important emerging economies," it said.

"If not corrected, these will push many sectors like housing, auto, construction and manufacturing into recession."

While bank deposit rates were 2 per cent below inflation, tax-free saving schemes were being "abruptly withdrawn", the BJP said.

"The UPA Government's abject failure to formulate a coherent economic policy and to implement it resolutely is because, for the first time since independence, the Congress has allowed the Communists to do backseat driving at the Centre. They (Left) are arrogantly using their veto card on practically every important economic policy or decision."

The BJP expressed concern over the fall in agriculture production this year and said progress on infrastructure development in power, railways, ports, highways and rural roads has "come to a stop."

"The NDA Government's ambitious river-linking project has been given a burial," the party said.

Pointing at the spiralling inflation and 'unprecedented rise' in the prices of all essential commodities, the resolution said "the Congress party's election slogan 'Congress ka haath, aam aadami ke saath' has proven to be as hollow as the party's earlier slogan of 'Garibi Hatao'."