"In fact, throughout the four years of its existence, the UPA government has failed miserably on the price front and the worst sufferer is the aam aadmi in whose name the government came to power... so it is nothing but great betrayal of the aam aadmi", he said while reacting to the rising inflation rate.
The annual rate of inflation touched 6.68 for the week ended March 15, the highest level recorded in 13 months. Sinha further said rising inflation rate has "completely exposed hollowness of the government claim that it was trying to and succeeding in controlling price rise."
The wholesale price index, he said, was at best only a partial reflection of the price rise in the Economy and if it was touching almost 7 per cent, "it is a matter of deep concern because it will have its impact across the board on the entire Economy."
The former finance minister also said: "Prices started rising immediately after the budget, and therefore the finance minister's claim that the budget will help control prices has also been completely exposed."
The price situation, he said, was going to get worse in the future because of high interest rates and the failure of the government to dampen inflationary expectations. "The aam aadmi is in for great deal of distress", Sinha added.