New Delhi: Congress on May 24 painted a gloomy picture of the country's economy and squarely blamed the Bharatiya Janata Party (BJP)-led government at the Centre for erosion of the confidence of both domestic and foreign investors, the grim employment scenario and poor industrial and export performance.

"Investment, both public and private, shows no signs of picking up. The industrial growth rate in 2001-02 was the lowest in a decade and the export growth rate was zero," the party said in its draft economic resolution, adding that the very first year of the 10th plan has made a mockery of its growth objectives. The resolution will be adopted after a debate at the day-long AICC session.

Recent events in Gujarat have further eroded the confidence of both Indian and foreign investors on the ability of the BJP to provide a "modicum of basic, even- handed, fair-minded governance which is an essential pre-requisite for equitable and sustained economic growth," it said.

The Congress reiterated its commitment to the five-point agenda including strengthening agriculture, creating new employment opportunities, reviving investment momentum and making public sector units stronger.

"We will make public sector undertakings (PSU) stronger especially in strategic areas. Where it is inevitable, we will follow a well-considered approach to privatisation and ensure that it is done in a completely transparent manner," the resolution said.

It also maintained that the economy was in a much better shape during the Congress rule in 1991-96 compared to the period 1998-2001 when the BJP-led government was in power.

PTI