The government is very keen that the Food Security bill gets passed today to mark Rajiv Gandhi's birth anniversary. Congress president and UPA chairperson, Sonia Gandhi, is expected to make a rare speech in Parliament as the government makes an all-out effort to push its flagship Food Security Bill on the 69th birth anniversary of former Prime Minister Rajiv Gandhi.
The UPA Govt is hell bent on the bill for which fresh burden of more then one lakh crores rupees will be needed by the incoming government next year, while the present current account and fiscal deficit is going above six % of GDP.
On date, the credibility of India in world financial market including the currency market is highly negative, even as India may be endangered to be called bankrupt.
The currency is down in last one month by more than 20% and the Govt unmindful of the financial crisis running in Indian market , just fighting for its vote bank supporting gimmick of food security bill on Rajiv Gandhi Day.
Do the government have money or exhibit plan to meet the current account deficit of this year at least or will India be forced to sale the Gold Reserve of India with RBI in the world market to pay the debts of this year as it had done in 1991 ?
The fiscal deficit, that is difference between Govt expenses and revenue and other collection made for the financial year is already above the desired thresh hold limit and it is running above 6% of the GDP, the extra subsidy projection by this bill, which Mrs Sonia Gandhi is creating for the next year will be met how ? Who will pay for it ?
If you have failed to manage present budgeted needs, what right you have to make plan for next year ? Just to cheat the innocent poor with a lollipop promise and to corner their votes, are not you playing with the fire as regards to the health and strength of India's economy? Don't you want to burden this unplanned impossible load to the next government and that is to suffer for your default ?
The Congress has come to Parliament today even prepared to the extent to suspend its own MPs from Andhra Pradesh, if they continue to protest against a separate Telangana state. in its gamble play of this bill.