Fearing worse was in store for exporters weighed down by a strong rupee, former Finance Minister Yashwant Sinha on Wednesday cautioned that US recession can rub on India, but offered no advice to his "self-opinionated" successor P Chidambaram on tackling the situation.

"I have no suggestions to offer to the finance minister, who is totally self-opinionated and considers himself the brightest star of the universe," Sinha said on the sidelines of a conclave organised by Dainik Jagran in New Delhi.

He said the UPA government had failed to manage the rupee properly, as a result of which exports and production have suffered - especially in the employment-oriented textile sector.

Since October 2006, the rupee has risen over 15 per cent against the US dollar, causing exports growth to slowdown and job lay offs in textile, leather and handicrafts sectors.

Sinha said in the last four years, the government has missed many golden opportunities to put India on a high growth path on a sustained basis.

"And somehow, the trend will not only continue in this budget, but chances are that it will accentuate."

"They have been populist throughout and this is time to be even more populist because of coming elections," he said.

In order to control the inflation, he said the government and RBI had adopted tight monetary policy, which too has had its impact on the impulses of growth. So, there is slow down in the domestic economy.

Sinha warned that the US recession was bound to have a world-wide impact including on India. "The US recession will have world wide effect, as many countries in the world, especially our neighbourhood East Asia, depend on the US exports. All these regions are going to be impacted by a slow down of the US economy," he said, adding it would indirectly affect India due to dependence on these regions.

"Indirect consequences would be more injurious than direct consequences," he said.

The former finance minister said oil prices have been kept artificially low and the entire burden has been pushed out of the Budget - through off-budget subsidies and bonds and current liability was postponed to a future date.

"The off-budget subsidies account for nearly three per cent of the GDP now and if added to the deficit of the government, as one must, then we are way out from the targets of FRBM Act," Sinha said.

He said since government revenues were buoyant this was the best occasion for it to really observe the provisions of FRBM ( Fiscal Responsibility and Budget Management) Act, and bring fiscal and especially revenue deficit down.

However, it was unlikely as Finance Minister P Chidambaram would take corrective steps in the Budget, he said.