Warning of an economic emergency, BJP's Prime Ministerial candidate L K Advani on Thursday reviewed the "rapidly worsening situation" with top industry leaders, who sought an aggressive policy response to avoid a "dramatic crash-landing" of the economy.
At a three-hour meeting called by Advani, serious concern was expressed by corporate heads over large-scale job losses in sectors like construction, textile and export units.
"All participants felt that the Indian economy was at a serious risk and the economic situation was worsening rapidly," senior party leader and former Finance Minister Yashwant Sinha told reporters after the meeting, attended by 15 prominent industrialists.
In his opening remarks, Advani warned, "The crisis could assume the proportions of an economic emergency unless handled with determination, clarity of thought and new approaches."
He accused the UPA government of shifting the blame of a "severe slowdown" in the Indian economy entirely on the global recession. "The global economic meltdown no doubt provides the external context to this crisis...but it would be an act of escapism to attribute the severe slowdown in the Indian economy, solely or even mainly to the global recession," Advani said.
Bajaj Auto Chairman Rahul Bajaj, Reliance Industries Chairman Mukesh Ambani, Reliance Anil Dhirubhai Ambani Group Head Anil Ambani, ICICI Bank Managing Director and CEO K V Kamath, Bharti Airtel Chairman Sunil Bharti Mittal, Essar Steel Chairman Shashi Ruia, Assocham President and JSW Head Sajjan Jindal and FICCI President Rajiv Chandrasekhar were among those attending the meeting.