New Delhi, July 30 (TIWN) Former Union Finance Minister P. Chidambaram has hit out at the government over the looming economic crisis in the country and warned that collapse of the telecom and aviation sectors will cost thousands of jobs.

The Congress leader said that the government should 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.

His attack comes after Bharti Airtel on Wednesday reported a consolidated net loss of Rs 15,933 crore for the April-June quarter, largely on the back of provisioning made for the AGR payment.

"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," said Chidambaram.