New Delhi:
The BJP today tore into Prime Minister Manmohan Singh for saying in Parliament that the rupee's steep decline was a result of external factors that had hit many other currencies, likening it to an excuse used by "a student who fails in class".
The BJP also flagged concerns that the country's fragile economy cannot bear the Rs. 1.25 lakh crore burden of the food security scheme, a pro-poor measure aggressively pushed by the government ahead of elections due in May.
"Decide whether you want to go back to prudence or give in to populism," said BJP leader Arun Jaitley in the Rajya Sabha.
Mr Jaitley, who is the leader of opposition in the Upper House, reacted sharply to the PM's comment that the sharp dip in rupee was due to unexpected external factors including the Syria tension and the possibility of the US Federal Reserve tapering this year.
"Don't blame external factors. Don't say others are also doing badly. A student who fails in class says others have also not passed...this is no explanation," Mr Jaitley said.
"This crisis as PM will be your legacy, not what you managed earlier as Finance Minister."
He also criticized the PM's comment stressing on political consensus to push economic reforms. "If political environment is not built up for consensus on economic issues, it will be a daunting task," said Mr Jaitley.
Both the PM and the opposition agreed on the need to cut fuel subsidy - a politically tough measure given elections are due in key states.
"We have the more difficult reforms to do such as reduction of subsidies, insurance and pension sector reforms..." the PM said "the growth-friendly way to contain the deficit is to spend carefully, especially on subsidies that do not reach the poor."
In the Lok Sabha, BJP MPs walked out of the Lok Sabha accusing the PM of "insulting the Opposition" by leaving without taking their questions.
"It's a most disappointing, frustrating statement the PM chose to make in Parliament," said senior BJP MP Yashwant Sinha. "The way the PM left after making his statement, we feel he insulted the Opposition."
Senior BJP leaders LK Advani, Sushma Swaraj and Rajnath Singh will meet President Pranab Mukherjee to discuss their concerns on the economy.