Indian Economy Downfall: Yashwant Sinha Criticizes the Finance Minister Arun Jaitley

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A former Union Finance minister and BJP leader Yashwant Sinha openly slammed the current FM Arun Jaitley for creating ‘mess’ in the Indian Economy. The former minister’s opinion published in The Indian Express where he held Jaitley responsible for the downfall of Indian GDP. While indicating that Indian economy is on the downward side, Sinha said, “I shall be failing in my national duty if I did not speak up even now against the mess the finance minister has made of the economy. A large number of people in the BJP and elsewhere who are not speaking up out of fear.”

In past three years, the FM minister Jaitley has never received such strong flak from within his own party. The 84-year-old former finance minister also said that the name of Jaitley has already been decided even before the 2019 assembly elections. To those who are unknown about the fact that Jaitley was appointed as Finance Minister even as he lost the Lok Sabha election seat in Amritsar. “In challenging times it becomes more than a 24/7 job. Naturally, even a superman like Jaitley could not do justice to the task,” Sinha added. “Luckier than any in the post-liberalization era,” said Sinha while claiming that Jaitley was a lucky finance minister.

“Depressed global crude oil prices placed at his disposal lakhs of crores of rupees. This unprecedented bonanza was waiting to be used imaginatively. The legacy problems like stalled projects and bank NPAs were no doubt there and should have been managed better like the crude oil bonanza. But the oil bonanza has been wasted and the legacy problems have not only been allowed to persist, they have become worse,” the former FM said. While commenting on the current status of Indian economy, Sinha said that “Private investment has shrunk as never before in two decades, industrial production has all but collapsed, agriculture is in distress, construction industry, a big employer of the workforce, is in the doldrums, the rest of the service sector is also in the slow lane, exports have dwindled”.

The former finance minister said, “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.” Sinha also explained the fact that the methodology to calculate the GDP was changed by the Modi government in 2015. Giving a big shock to all, he said, “So, according to the old method of calculation, the growth rate of 5.7 percent is actually 3.7 percent or less.”

The 84-year-old former FM said that Jaitley failed to take right measures in time as “he was carrying the heavy burden of so many extra responsibilities. The results are there for all of us to see”. He also criticized the current FM for creating fears in the minds of people of CBI and IT raids. “We protested against raid raj when we were in opposition. Today it has become the order of the day…Instilling fear in the minds of the people is the name of the new game,” he added. He also predicted that the Indian economy is unlikely to recover before 2019 General Elections. “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,” he concluded.

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