Former Finance Minister and senior Congress leader P Chidambaram on Thursday asked the BJP government to acknowledge the gravity of the deepening economic crisis in the country. He said that millions of people have lost their jobs or livelihood in the last 12 months, and added that the collapse of two major industries — telecom and aviation — will hit many more thousand direct and indirect jobs.

“When will the Prime Minister acknowledge his failure and the failure of his economic managers? Will the government realise that one of our major telecom companies is on the verge of collapse and the government has no plan to save the struggling telecom industry?” he asked.

“Will the government realise that the aviation industry has suffered massive losses and every one of them will go the Air India way unless the government steps in with a rescue plan?” he further added.