Economic sanctions hurting U.S. more, says Sinha

By Our Staff Correspondent

UDUPI, OCT. 21. The Union Finance Minister, Mr. Yashwant Sinha, said on Friday that the economic sanctions imposed on India after the Pokhran blasts hurt the U.S. more than India.

He was speaking at the "Sadhana Samavesha" organised by the BJP Udupi District unit here.

Mr. Sinha said the economy had become weak when the BJP-led NDA Government assumed power. The country's credit ratings had been downgraded by international agencies. It was a challenge to revive the economy. The East Asian economic crisis had affected the global economy. Besides, there were cyclones and floods in the country.

Mr. Sinha praised the non-resident Indians (NRIs) for coming to the aid of the country at the time of the crisis. They had contributed $ four billion to the country. The Government had not imposed any tax after the Kargil operation. The economy would be buoyant in future. It was the Prime Minister's dream that the first decade of the 21st Century should be a decade of economic growth.

The Government's economic strategy was to provide jobs to the youth. Towards this end, it had allotted Rs. 2,500 crores for the development of roads in rural areas.

Stating that the poor still required Government support, Mr. Sinha said the Centre wanted to do everything to improve the standard of living. India was now considered a prospering economy.

Dr. V.S.Acharya, MLC, welcomed the gathering. Mr. Dhananjaya Kumar, Union Minister of State for Textiles, Mr. Balakrishna Bhat, MLC, Mr. K.Lakshminarayana, President of the District unit, and Mr. A.G.Kodgi, former President of the district unit, were present.

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