Mumbai: The government is allowing unscrupulous elements among overseas investors to loot the country by helping them recover their illusory losses on the stock market rather than taking appropriate measures to stem the spread of an alien economic crisis in India.

The financial and market authorities in the country are more worried about the falling market value of FII investments in stocks than the plight of the rupee and the exporters, opposition Bharatiya Janata Party has said.

The authorities are allowing the so-called foreign institutional investors to misuse participatory notes and short selling of shares,. the BJP said, adding, that the P-notes are being used to anonymously take money out of the country.

''P-notes are being used to anonymously take money out of the country,'' a party statement alleged.

''The near criminal determination with which the government is not taking measures to stem the present economic crisis confirms our worst apprehensions that there is a definite design to its inaction,'' two former finance ministers with the BJP-led NDA government and investment minister Arun Shourie said in a joint statement.

The BJP,  ''as a responsible opposition'', had suggested for a second time this month, a slew of measures to stem the tide of the crisis, the statement said.

There is a ''definite design'' behind the government's lack of response to the 12-point programme put out two weeks ago, Arun Shorie said.

''We have highlighted the issues of short selling and the need to stop it, particularly naked short selling. It is used to beat down valuations of Indian industry and that markets were being manipulated,''  Shourie said.

Former finance minister Jaswant Singh charged prime minister Manmohan Singh and finance minister P Chidambaram of ''choking growth'' and threatening the livelihood of people by pursuing an irrelevant economic policy.

The BJP had earlier suggested a 12-point programme for reviving the infrastructure sector and the small and medium enterprises in the agro-based, manufacturing and export segments to push economic growth.

''The crisis is spreading and deepening, and impacting segments of the economy. As a responsible opposition, we are giving suggestions for every sector. If these measures are not taken then the crisis will deepen and many people will lose their jobs'', former finance minister Yashwant Sinha said.

To counter the impact of the slowdown in investments, the BJP had suggested early clearance of all pending infrastructure projects, rewards for states completing infrastructure projects early and efficiently and according priority for public-private partnerships.

The BJP also advocated tapping into Japanese and Middle-eastern investment funds as these countries have large sovereign funds and are looking to invest in non-Western economies.

It also suggested a lowering of interest rates for Indian investors. For creating jobs and infrastructure assets, the BJP suggested taking up projects for which external funding was available.

For the small and medium industry sector, the BJP suggested provision of credit for agro-based industries, which would take care of the farmers and the commodity markets.

In manufacturing, the BJP suggested monitoring vulnerable firms and devising contingency plans as also activating the corporate debt restructuring mechanism, as nearly 40 per cent firms are heavily leveraged.

Vulnerable sectors have been identified as gems and jewellery, automobile components, heavy and light engineering goods.

To bring exports back on track, the BJP suggested expediting administrative procedures like restoring duty drawback rates to September 2008 levels, particularly for labour intensive units, as also payment of dues on drawback and Cenvat.