New Delhi: Congress on September 28 lashed out at the National Democratic Alliance (NDA) government over the "bleak" economic scenario in the country saying the momentum of economic growth till mid-1990s has petered out in the last five years.

It also questioned the rationale to disinvest government's stake in NALCO, "the most efficient company in the sector in the world", and argued that disinvestment alone will not solve the problems of the public sector.

"The high economic growth of 7.5 per cent, industrial growth of 12.5 per cent and 20 per cent annual growth in exports till mid-1990s has not been maintained by the political leadership of the last five years," senior party leader Manmohan Singh said.

Addressing an industry meeting, he said that political leadership has the responsibility to remove hurdles in the economic process, which it has not fulfilled even as fiscal deficit has touched unsustainable levels.

Singh, a former Finance Minister, lamented that Yashwant Sinha, as Finance Minister did not initiate any serious discussion with the Opposition leaders to evolve a consensus on economic reforms.

"Prime Minister Vajpayee has not called a single meeting to evolve a consensus while I convinced my party to support the Insurance Bill, WTO-related legislations, Patents Bill in the national interest," he said.

By laying emphasis on disinvestment alone the problems of the public sector undertakings (PSUs) cannot be resolved, first a competitive environment between the public and private sector has to be created and those public units, which can then survive should be allowed to flourish, he added.

PTI