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Articles on economy miss fundamental reforms: Minister Jayant Sinha after father Yashwant’s criticism

Union minister Jayant Sinha said on Thursday “one or two quarters of GDP growth and other macro data are quite inadequate to evaluate the long-term impact of the structural reforms underway.”

india Updated: Sep 28, 2017 13:37 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Jayant Sinha,Yashwant Sinha,Indian economy
Union minister Jayant Sinha at an event in Mohali.(Keshav Singh/HT Photo)

Senior BJP leader Yashwant Sinha’s son and Union minister Jayant Sinha said on Thursday structural reforms were necessary to create a ‘New India’, a day after his father said the economy was in a downward spiral.

Yashwant Sinha wrote in an article in The Indian Express that the economy was in distress and the shock recall of high-value banknotes last year proved to be an “unmitigated economic disaster”.

India’s economic growth slid to a three-year low in the last quarter, prompting the Opposition to criticise the government for disrupting business activity through demonetisation. Gross domestic product grew 5.7% in April-June, its slowest pace since the January-March quarter 2014.

On Thursday, in his article published in The Times of India, Jayant Sinha said: “Several articles have been written recently on the challenges facing the Indian economy. Unfortunately, these articles draw sweeping conclusions from a narrow set of facts, and quite simply miss the fundamental structural reforms that are transforming the economy.”

“Moreover, one or two quarters of GDP growth and other macro data are quite inadequate to evaluate the long-term impact of the structural reforms underway,” he added.

In his editorial titled ‘I need to speak up now’, Yashwant Sinha earlier lashed out at finance minister Arun Jaitley for making a “mess” of the Indian economy, which he said was headed for a “hard landing” as sector after sector is slipping into distress.

The finance minister in the Atal Bihari Vajpayee government said Prime Minister Narendra Modi “claims he has seen poverty from close quarters (and) his finance minister is working over-time to make sure that all Indians also see it from equally close quarters”.

His son wrote on Thursday: “The new economy that is being created will be much more transparent, globally cost-competitive, and innovation driven. Importantly, the new economy will also be much more equitable thereby enabling all Indians to lead better lives.”

Yashwant Sinha stood by his remarks on Thursday, saying he felt the need to speak up as the government did not address the issue of the economy’s slide in the public domain.

First Published: Sep 28, 2017 13:34 IST