1. Yashwant Sinha: BJP can no longer blame Congress-led UPA for economic slowdown

Yashwant Sinha: BJP can no longer blame Congress-led UPA for economic slowdown

Yashwant Sinha on Thursday recalled economist JM Keynes to attack Modi government's economic initiatives.

By: | Updated: September 28, 2017 2:03 PM
yashwant sinha, narnedra modi, manmohan singh, demonetisation, economic slowdown, gst, yashwant sinha article Yashwant Sinha, former Union Finance Minister. (PTI file)

A day after writing a scathing article against Narendra Modi government on economic slowdown, former Union Finance Minister and BJP MP Yashwant Sinha recalled economist JM Keynes’ famous quote to criticise the Centre’s economic initiatives in the last three years. One of the most controversial decisions taken by Modi government since 2014 was demonetisation, which was claimed by PM Modi as an initiative that will bring “long-term gain” followed by the “short-term pain.”

However, talking to ANI today, Sinha commented, “They (government) talk about the long run. But I recall a quote of Keynes: ‘In the long run we are all dead’.” He further said, “Demonetisation shouldn’t have been brought when the economy was weak, its effects were yet to subside as GST served as second big blow to economy.”

Interestingly, former Prime Minister Manmohan Singh had also quoted Keynes while commenting on the demonetisation decision last year. “Those who say demonetisation is good in the long run should recall the quote: ‘In the long run we are all dead’.” Singh had also said that “monumental mismanagement” was undertaken in implementation of demonetisation.

Sinha today said it had been known for long that economy was slowing down. “Before 2014, I was party spokesperson when it came to economic affairs and we used to call UPA situation then as Policy Paralysis.” But, “now we cannot blame the previous government because we got full opportunity.”

On GST, Sinha said, “I was a supporter of GST. But the government was in a hurry to implement it from July. Now, GSTN which is the backbone is failing.”

The former FM also commented on Union ministers Piyush Goyal and Rajnath Singh, who have defended economic policies of the government. “Maybe Rajnath Singh and Piyush Goyal know economy more than me, so they think India is the backbone of world’s economy. I politely disagree,” he said.

Writing in The Indian Express on Wednesday, Sinha had blamed Union Finance Minister Arun Jaitley for making a “mess” of the Indian economy. Sinha served as Finance Minister in Atal Bihari Vajpayee government and presented seven Union Budgets.

  1. Ram Chandar Thalla
    Sep 29, 2017 at 4:55 pm
    Sinha's outburst appears to be self serving rather than an expert economist's opinion.3 yrs is too a short time to feel the results of the reforms brought about by Modiji and that he can only bring the desired change which remained a dream and was confined to political speeches. Sinhaji, do not try to bring down your stature by joining the chorus of the people who were in power for long only to ruin this country's economy with scams and enriched them selves.
    Reply
    1. G
      Girish
      Sep 28, 2017 at 6:54 pm
      BJP PM narendra Modi though they are in government , they still feel that in media and parliament they are opposition leaders and no an responsible ministers , as right from day one to as on date in 40 months , they criticized UPA, non BJP ruled state government , they also criticized the leaders who gave Independence to india, Modi feels that India is Modi and Modi is India , he feels that every thing is because of his Existence , there is proverb , under huge sunshine under the Bullock cart one four leg animal walks under cart to safe guard herself of sun rays , though overload is carried by Bullock and cart the animal feels that all responsibility is on that animal , however the animal is not carrying out any activity except protecting her self from sun , but feels lot of pressure to his mental that is not so, the same situation with BJP and PM Modi, by not doing any thing they are projecting every thing we are facing problems because of previous government ,Neharu and so on ?
      Reply
      1. A
        Apte
        Sep 28, 2017 at 4:43 pm
        Shri Yashwant Sinha’s criticism of NDA government’s performance and his assessment of state of the country’s economy, has naturally caught headlines. It is not surprising that Shri Jayant Sinha, who is a minister in NDA government, and who happens to be son of BJP Shri Yashwant Sinha, has rejected his father’s assessment of economy. 2 In the context of article which Shri Yashwant Sinha wrote I wish to know why Shri Yashwant Sinha, chose to keep quiet till now. When did he think the slide in our economy’s performance started? Was it just a couple of weeks ago? 3. I may appear to be offensive or not very polite but I must say this. Was Shri Sinha was thinking that he would be made a Cabinet minister in the expansion of Union Cabinet which took place a few weeks ago? My view is that the Shri Yashwant Sinha’s opinion would have been entirely different, had he been part of the NDA government. He would have then defended every action of PM Shri Modi, just as his son is doing now!
        Reply
        1. R
          Raj
          Sep 28, 2017 at 3:25 pm
          Two problems with Yashwant Sinha: 1. Why his son was shifted from Finance Ministry. 2. Why was he not included in recently formed economic advisory group.
          Reply
          1. J
            Jayesh
            Sep 28, 2017 at 3:24 pm
            I think it is little early to not blame congress.
            Reply
            1. Uday Barad
              Sep 28, 2017 at 3:23 pm
              Yashwant Sinha might have been thinking that he knows more than Piyush Goyal and Rajnath Singh but for sure Yashwant is NOT an Economist to know recent advances, intricacies and complexity of World of Economics…..!!! He only knows to HATE ARUN JAITLEY AND NARENDRA MODI…..!!!
              Reply
              1. Jayasankar
                Sep 28, 2017 at 2:58 pm
                This Yashwant Sinha is angry because he did not get can Ministerial Post in Modiji govt. What great thing he has done during Mr.Atal Period?. Did he bring in Tax reforms? He increased the Service Tax . I request the Financial Express to ignore not to publish his comments.
                Reply
                1. N
                  Nair
                  Sep 28, 2017 at 1:20 pm
                  "In the long run we are all dead" should be read in the context of when why it was stated.The statement per se would also mean that all thinkers and visionaries are fools... is that the real world?
                  Reply
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