The Union Finance Ministry was reportedly trying to cut funds for social sector schemes to keep the fiscal deficit within the targeted 4.8 percent and also six flagship programmes meant for employment, health, water, housing, electrification and developing rural roads, senior BJP leader M Venkaiah Naidu told reporters in Bangalore.
     
He said that the budgetary allocations themselves for the current year are meager and either they were reduced or stagnant but the government wants to cut them further.
    
The retail inflation had touched the double digit at 10.09 percent, private investments had dried up and the fiscal and current account deficits were almost as bad as in 1991, when India faced severe economic crisis, he said.
    
Indian investors were running away and global investors afraid to invest and there was unprecedented corruption in every major decision of the government, he said, adding, "Now you are planning to impose cuts in public expenditure as well. Where is the country being taken to? The country needs answers."
    
"Prime Minister and Finance Minister should come out of the slumber and think out of the box solutions," Naidu said.
    
With ever increasing inflation breaking the backbone of ‘Aam Aadmi’, the proposed cut would affect growth and hit welfare of the common man. "People will not excuse you. They are just waiting to teach you a befitting lesson," he said.

(Agencies)

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