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From demonetisation to poverty, Yashwant Sinha hits out at Modi govt: Top quotes

Senior BJP leader Yashwant Sinha in hard-hitting remarks has lashed out at “superman” Finance Minister Arun Jaitley for making a “mess” of the Indian economy which is headed for a “hard landing” as sector after sector is slipping into distress.

india Updated: Sep 27, 2017 13:12 IST
HT Correspondent
HT Correspondent
Hindustan Times, New Delhi
Yashwant Sinha,Narendra Modi,Arun Jaitley
File photo of former finance minister Yashwant Sinha.

Senior BJP leader and former finance minister Yashwant Sinha hit out at the government for making a “mess” of the Indian economy, saying that he would “be failing in his national duty” if he didn’t speak up now.

In an opinion piece for The Indian Express, Sinha attacked the BJP-led government at Centre over its demonetisation decision and said the growth rate of the economy is actually 3.7% or less.

Here are some of his most hard-hitting statements: 

• ... sector after sector of the economy is in distress, demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market.

• The prime minister claims that he has seen poverty from close quarters. His finance minister is working over-time to make sure that all Indians also see it from equally close quarters.

• The spokespersons of the government say that demonetisation is not responsible for this deceleration. They are right. The deceleration had started much earlier. Demonetisation only added fuel to fire.

• And please note that the methodology for calculation of the GDP was changed by the present government in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. So, according to the old method of calculation, the growth rate of 5.7 per cent is actually 3.7 per cent or less.

• I have handled the ministry of finance and know how much hard work there is in that ministry alone. Finance ministry, in the best of times, calls for the undivided attention of its boss if the job has to be properly done. In challenging times it becomes more than a 24/7 job. Naturally, even a superman like Jaitley could not do justice to the task.

• We protested against raid raj when we were in opposition. Today it has become the order of the day.

• Post demonetisation, the income tax department has been charged with the responsibility of investigating lakhs of cases involving the fate of millions of people. The Enforcement Directorate and the CBI also have their plates full. Instilling fear in the minds of the people is the name of the new game.

• ... So, a revival (of the economy) by the time of the next Lok Sabha election appears highly unlikely. A hard landing appears inevitable. Bluff and bluster is fine for the hustings, it evaporates in the face of reality.

(With agency inputs)

First Published: Sep 27, 2017 13:12 IST