BJP leader Murli Manohar Joshi addresses a news conference at the party office in Patna on Saturday. Picture by Nagendra Kumar Singh

Patna, Aug. 11: Senior BJP leader Murli Manohar Joshi today said it was high time that the government brought in a new economic model because the policy of Prime Minister Manmohan Singh has failed to deliver.

“The PM’s statement that the fundamentals of economy are strong cannot be relied upon because industrial and agricultural productions are declining. The country is witnessing an unprecedented price-rise and the value of rupee is depreciating. There are no signs of revival of the economy. This shows that Manmohan Singh’s economic policies are wrong,” Joshi told reporters at the party’s state headquarters here.

The former BJP president reached Patna today to participate in a seminar on the philosophies of Jai Parakash Narayan, Deen Dayal, Lohia and Indian politics.

“The economic policy initiated by Manmohan Singh has failed to produce desired results. That’s why the economy, instead of being on the path of revival, is witnessing a decline,” Joshi, the chairman of Public Accounts Committee of Parliament, said.

Stating that the government’s policies have been such that it has increased the inequalities between urban and rural people besides witnessing a further increase in the numbers of poor people, the former Union minister suggested a complete revamp of economic policy.

“Today, there is a need to give a serious consideration for adopting a new economic model/policy,” he said, while posing a query to the PM as how and when the economy would be brought on track, as “mere lip service would not do this time”. Joshi added: “We will raise all these issues in people’s court and also in Parliament.”

A staunch votary of swadeshi (indigenous products), Joshi strongly opposed the Centre’s move to allow Foreign Direct Investment (FDI) in the retail sector, arguing it would not only affect the farmers but would also ruin the economy and the flourishing retail sector of the country. “It has been proved that small and medium retail shop owners have been completely wiped out in countries that have opened their doors to the these multi-national retail giants,” he said.