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Yashwant Sinha sticks to his guns as BJP rebuts his criticism of economy

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7 years ago

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sinha yashwant

[vc_row][vc_column][vc_column_text]Yashwant Sinha on Thursday stood by the article in which he had criticised Finance Minister Arun Jaitley for making a mess of the economy and followed it up with further, specific details of lapses on the part of the government.

Sinha, speaking to ANI on Thursday, said, “We have all known for many days that the Indian economy has been seeing a decline… This process has been going for the past one-and-a-half years… Even then I kept silent.. The latest GDP figures came out and growth rate fell below 6% and the concerns grew deeper. The government didn’t say anything for over a week, then I felt that I should bring the issue to the public domain.”

“Before 2014, I was the party [BJP) spokesperson when it came to economic affairs. We used to call then United Progressive Alliance [UPA] government situation ‘Policy Paralysis’. This government is not paralysed as many decisions are being taken. But, there is confusion in the government that development can be done through welfare schemes, which is not right,” he said to news agency ANI.

“I am not talking just based on one quarter’s numbers, the economy has been falling for six straight quarters,” said Sinha.

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.

“The biggest culprit for growth slowing is the note ban. A thorough study should have been done on its effects to the economy, to jobs and it should have been introduced when the economy was in a healthy state, not in the manner it was introduced,” said Sinha.

As for GST, Sinha had written that its rollout was “badly conceived and poorly implemented”. He reiterated that today. “After the demonetisation shocker, GST was another one. What was the need to hurry? They could have launched it in October,” said Sinha.

“Demonetisation shouldn’t have been brought when economy was weak. Its effects were yet to subside and GST served as second big blow,” Sinha said. “I was a supporter of GST. Govt was in a hurry to implement it from July. Now, GSTN which is the backbone is failing,” he said.

Responding to Union Home Minister Rajnath Singh and Railway Minister Piyush Goyal’s comments on Wednesday, saying that India was one of the fastest growing economies of the world, he said, “maybe Rajnath Singh and Piyush Goyal know the economy better so they think India is the backbone of the world economy. I politely disagree.”

“If you leave out Congress finance ministers then I am the only person who presented 7 budgets,” he said.

When asked about his son, Minister of State for Civil Aviation Jayant Sinha’s editorial in the Times of India on Thursday being seen as a rebuttal of his own position, Yashwant Sinha said, “There is no family feud over this. I haven’t spoken to him recently. So I don’t know whether he was asked to write this or he wrote it on his own. In any case it is a demonstration that he is being trusted to put forward the government’s view on policy. Well and good, then why was he removed from the Finance Ministry.”

“It is not a father and son issue. If Jayant Sinha has written what he has, its his own sweet will. …If he has been asked, I would say it was a cheap trick to pit father against son. Haven’t spoken to him today,” he told NDTV.

His own prescriptions for the recovery of the Indian economy, he said, was to start from strengthening the banking system and weeding out the Non-Performing Assets (NPAs). “Apart from everything else, the first and foremost goal of the government is to strengthen the banks, but we are awaiting actions in this regard,” he said.

On claims by the government that its work would benefit the country in the long run, he responded by quoting John Maynard Keynes that “In the long run, we are all dead.”

Sinha, a veteran leader of the Bharatiya Janata Party, earlier said poorly executed policy shifts had stalled growth. “Economies are destroyed more easily than they are built,” he wrote in The Indian Express on Wednesday.

He also absolved the previous, UPA government of responsibility for the current situation. “We can’t blame the government before us as we got the full chance,” he said.

Sinha told NDTV he had sought to meet Prime Minister Narendra Modi a year ago, but was yet to hear back from his office about the appointment. “I had sought an appointment to meet the PM a year ago. He has not met me. Should I be sitting in protest outside his house,” Sinha said.

“No one is willing to listen to us in the government and the party,” he added.

Fielded to defend the government against him, Yashwant Sinha’s son Jayant Sinha said in a TOI piece on Thursday that conclusions drawn from a narrow set of facts simply missed the fundamental structural reforms transforming the economy. “We are creating a robust new economy that will power longterm growth and job creation”.

Jayant Sinha’s rebuttal piece talks about the ‘New India’ which will be built on the foundation of Modi’s economic policies. It argues that measures such as demonetisation and introduction of goods and services tax (GST) will act as building blocks by bringing in formalisation in the economy as a result of which a) tax collections will go up and more resources will be made available to the state; b) friction will reduce in the economy and GDP will rise; and c) citizens will be able to establish credit more effectively as transaction records are digitised.

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). Further, Sinha talks about the progress made on rural electrification, infrastructure push, employment promotion programmes of the Modi government.

But Jayant Sinha’s rebuttal does not answer his father’s criticism on specific issues which are borne out by data: “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 work force, is in the doldrums, the rest of the service sector is also in the slow lane, exports have dwindled, 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.”[/vc_column_text][/vc_column][/vc_row]

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BJP says it stands for credibility of promises under PM Modi, Congress for crisis

Trivedi mockingly questioned whether Kharge was truthful in his statements made the previous day, implying that his critiques of the BJP were a reaction driven by pressure to reconcile his earlier remarks.

Published

3 weeks ago

on

November 2, 2024

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The BJP said on Saturday that it stood for the credibility of promises made under Prime Minister Narendra Modi’s leadership, while labeling the Congress party as one suffering from a crisis of credibility, intensifying their ongoing rhetorical conflict over unfulfilled electoral pledges.

BJP spokesperson Sudhanshu Trivedi said that the ruling party has expanded its welfare initiatives, including health insurance, free food grains, and cash transfers to farmers, emphasising a strategy focused on wealth creation followed by equitable distribution as the Indian economy has grown over the last decade.

“We believe in the creation of wealth and its distribution. The Congress fosters corruption and depletes wealth,” he stated, referencing numerous unfulfilled promises made by Congress-led governments across various states.

Following Mallikarjun Kharge’s remark labeling “Modi ki guarantee” as a cruel joke after Modi seized Kharge’s guidance on budgetary constraints in state poll announcements, the BJP launched new accusations.

Trivedi mockingly questioned whether Kharge was truthful in his statements made the previous day, implying that his critiques of the BJP were a reaction driven by pressure to reconcile his earlier remarks.

Trivedi highlighted several accomplishments of the Modi government, including the construction of the Ram temple, the abrogation of Article 370, the building of over 14 crore homes for the impoverished, the establishment of more than 51 crore Jan Dhan accounts, and a firm stance against terrorism from Pakistan, to demonstrate the government’s fulfillment of its commitments.

He noted that Kharge, having witnessed notable leaders like PV Narasimha Rao and Pranab Mukherjee manage economic challenges effectively, is now observing the Congress party struggling under the influence of urban Naxals due to Leader of Opposition in the Lok Sabha Rahul Gandhi.

Addressing Kharge’s criticisms on various issues, Trivedi pointed to data from the Employees’ Provident Fund Organisation (EPFO) indicating a rise in account holders from 11 crore to 25 crore over the past decade.

He also referenced significant infrastructure projects, such as the construction of homes for the poor, 74 new airports, and an impressive pace of 37 kilometers of road built per day, claiming that these initiatives have created substantial employment opportunities.

“India is now ranked third in auto manufacturing and second in mobile phone manufacturing; if anyone is unable to recognize the country’s progress, there is a profound deficiency in their perspective,” asserted the BJP spokesperson.

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Maharashtra elections: Congress says Mahayuti understands its exit is certain

Congress leader Sachin Pilot, also an observer of the Congress party for the Maharashtra elections, said that the ruling Mahayuti alliance is aware that its exit is imminent.      

Published

3 weeks ago

on

October 30, 2024

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The Congress on Wednesday asserted the ruling Mahayuti government in Maharashtra has understood that its exit is certain as the Maha Vikas Aghadi alliance is strong and that all its candidates are in a strong position for the upcoming Assembly elections in the state.

Congress leader Sachin Pilot, also an observer of the Congress party for the Maharashtra elections, said that the ruling Mahayuti alliance is aware that its exit is imminent.      

The Congress leader stated that the party is fully prepared and that its ally parties in Maharashtra are strong. He mentioned that the seat-sharing negotiations occurred in a positive atmosphere and that the ruling party has recognized that their exit is inevitable.

“All the candidates of the Maha Vikas Aghadi (MVA) are in a strong position. The people here have decided to support Congress and its allies in the upcoming Assembly elections,” he said.

He also noted that the alliance’s performance in the recent Lok Sabha elections was impressive. “Wherever Congress contested, our candidates won 80 percent of the seats. We expect this trend to continue,” he added.

Pilot acknowledged that there have been some differences among party members regarding specific seats but assured that those issues would be resolved in the next 2-3 days, ensuring there would be only one candidate from the MVA for each seat.

Earlier in the day, Ramesh Chennithala, Congress in charge of Maharashtra, slammed the BJP, claiming that the party is undermining its alliances in the state.

“The BJP is dismantling its alliances. They are forcefully converting alliance partner candidates into their own party candidates. The people will respond to this,” he stated while speaking to reporters.

Earlier on October 26, Chennithala alleged that crores of rupees have been reportedly offered to two of its MLAs to join Maharashtra Deputy Chief Minister Ajit Pawar-led NCP faction, ahead of state Assembly elections.

Chennithala made those allegations while speaking to reporters in the national capital. He also questioned the Maharashtra Chief Minister Eknath Shinde.

Voting for all 288 constituencies for the Maharashtra Assembly elections are set for November 20 and counting on November 23. In the 2019 Assembly elections, the BJP won 105 seats, the Shiv Sena 56, and the Congress 44. In 2014, the BJP secured 122 seats, the Shiv Sena 63, and the Congress 42.

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Rahul Gandhi not upset, Opposition spreading fake news: NCP (SP) leader Anil Deshmukh

“Opposition parties are spreading false information. It is not true that Rahul Gandhi is upset with leaders in the State,” he said.

Published

4 weeks ago

on

October 26, 2024

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Asserting that Leader of Opposition in the Lok Sabha and Congress leader Rahul Gandhi was not upset with the Maharashtra unit, NCP (SP) leader Anil Deshmukh on Saturday accused the Mahayuti of spreading fake news over the issue of seat-sharing in the state.

Deshmukh mentioned that meetings between leaders of Congress in Maharashtra, including Balasaheb Thorat, Nana Patole, and Vijay Wadettiwar, and representatives of NCP (SP) and Shiv Sena (UBT), went well.

“Rahul Gandhi is not upset. Leaders like Balasaheb Thorat, Nana Patole and Vijay Wadettiwar all had meetings with leaders of NCP-SCP and Shiv Sena (UBT). We had taken the decision regarding seat sharing based on merit,” the NCP(SP) leader said.

He further clarified that the decision on seat sharing was made based on merit, countering the false information being spread by Opposition parties. Deshmukh also dispelled the notion that Rahul Gandhi was upset with the state leaders.

“Opposition parties are spreading false information. It is not true that Rahul Gandhi is upset with leaders in the State,” he said.

Furthermore, in preparation for the upcoming Assembly polls in Maharashtra, Congress released its second list of 23 candidates on Saturday.

The Maha Vikas Aghadi (MVA) has concluded talks on sharing seats in 255 constituencies, with each party planning to contest 85 Assembly constituencies, as informed by Maharashtra Congress President Nana Patole.

On the same day, the BJP released a list of 40 star campaigners, including prominent party leaders such as Prime Minister Narendra Modi, party chief Jagat Prakash Nadda and Union Home Minister Amit Shah.

The other leaders from the saffron party — Union Minister Nitin Gadkari, Defence Minister Rajnath Singh, Uttar Pradesh Chief Minister Yogi Adityanath, Assam Chief Minister Hemant Biswa Sarma, Madhya Pradesh Chief Minister Shivraj Singh Chouhan, Union Minister Bhupendra Yadav, Smriti Irani, Piyush Goyal, Jyotiraditya Scindia, Pramod Sawant were in the list.

The list also includes names of prominent leaders from the State — Maharashtra deputy CM Devendra Fadnavis, Vinod Tawde, Narayan Rane, Pankaja Munde, Chandrakant (Dada) Patil, Girish Mahajan, Radhakrishna Vikhe Patil, Ashish Shelar, Udayan Raje Bhonsle, Raosaheb Danve Patil, Ashok Chavan, Sudhir Mugantiwar, Navneet Rana, among others.

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