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India's law-makers express concern over stock market slide

The Vajpayee government's fiscal policy came in for flak in the Rajya Sabha, or the Upper House of Parliament.

Biplab Das Gupta of the Communist Party of India-Marxist, or CPI-M, drew the members' attention to the severe fluctuations in the share market and said that the situation had come to such a pass that Sensex fell by 5 to 6 per cent during the past few days.

Raising the issue of crash at the bourses, Gupta said that the government's plan on the share market to ensure higher savings had been defeated due to short-sightedness. "We cannot have high savings without a higher income," he said.

Gupta said the government wanted to make information technology a major industry but it remained far from realistic in its approach.

He said one has to be very careful about globalisation. He expressed concern over the value of the rupee which had been going down and as on date it was at its lowest in the last 2 years.

His party colleague Sarla Maheshwari said that the government has created 'total financial anarchy and the Budget had created major ups and downs in the share market'.

UNI

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