Sounding his election bugle with a colourful brass band in tow here, comedian-actor Jaspal Bhatti Monday announced that he would contest the forthcoming Lok Sabha elections with his newly-formed Recession Party and would only aim to become the prime minister.

Announcing his candidature for the Chandigarh Lok Sabha seat, Bhatti said the purpose behind his contesting the election was to overcome his own joblessness and improve his own financial health in these recessionary times.

"I want to beat this recession by contesting in the elections. People are free to contribute funds for my victory and reap many times benefits from me later when I come to power. I will file my nomination papers shortly, " Bhatti told IANS.

He said keeping pace with the latest trend among leaders to declare themselves at prime ministerial candidates, he was also declaring himself for the post and would fight to get it.

He said his party would openly encourage more slums around Chandigarh to help him with votes in future elections.

"These slums will also help us win more Oscar awards in the future, " Bhatti said.

The comedian-actor, who is a qualified electrical engineer by profession, hails from Chandigarh.

"I will not spend a penny in these elections...I mean I will not spend a penny from my own pocket, " Bhatti announced at Chandigarh's commercial hub of Sector 17 as the gathered audience broke into laughter.

He also promised to create a wedge between foolish and intellectual voters, saying that he would not seek votes from the intellectuals.