Yashwant Sinha to BJP: Stop blaming previous govts for economic downfall


In an article in The Economic Times, Jayant Sinha refuting his own father's criticism of the Modi government and Arun Jaitley said: "GST, demonetisation and digital payments are game-changing efforts to formalise India's economy".

Attacking Sinha, he said: "I must confess that I do not have the luxury as yet of being a former finance minister".

Former finance minister Yashwant Sinha said on Thursday he chose to speak out after the government remained silent over "worrying" GDP data, standing by his earlier criticism of the Centre over the handling of the economy. Going hard at Sinha, the finance minister referred to the book launch event he was speaking at and said, "Probably a more appropriate title for the book would have been "India @70, Modi @3.5 and a job applicant @80". And he said "I thought Shri Sinha would be happy to remain a distant memory for the people of India".

"In sum, the structural reforms unleashed by the Modi government since 2014 constitute the third generation of reforms since the first generation of reforms initiated in 1991 and the second generation in the 1999-2004 NDA government", Jayant said.

Why does then Yashwant Sinha not implicate PM Modi in any way even as he paints a most dismal and dark picture of the economy? "According to the SBI chairman, the telecom sector is the latest entrant to the long list of stressed sectors", Sinha wrote.

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Sinha reminded the government that the need of the day is jobs. "I strongly believe that everything Mr. Sinha wrote about the current economic policies is in the party's and nation's interest", the former Bollywood star said in Delhi adding Yashwant Sinha was only showing a mirror to the current administration and spoke nothing but truth.

The biggest culprit that made a bad situation near-catastrophic is demonetisation, said Sinha who had called the move "an unmitigated economic disaster" in his column. "After the demonetisation shocker, GST was another one".

Jaitley said he had done some research before coming to the event and found that Sinha had said that Chidambaram will have to be born again to match his record in the Finance Ministry, that Chidmabaram was like an incompetent doctor who failed to curb India's alarming deficit and accused him of being the most conceited person. I don't know why did he stop at not blaming the Prime Minister himself. "The poorest of the poor is in the focus of every action of this government", Goyal added.

In response, his son and Minister of State for Civil Aviation Jayant Sinha said that some "sweeping conclusions" were drawn from a "narrow set of facts", missing the "structural reforms" transforming the economy.

He also talks about the improvement in FDI inflows from $36 billion in 2013-14 to $60 billion in 2016-17, the government's various policy initiatives such as bankruptcy code, energy sector initiatives, subsidy reforms through Jan Dhan-Aadhaar-Mobile backed direct benefit transfer (DBT).