1. Modi government in hot water: P Chidambaram joins Yashwant Sinha in taking pot-shot at economic policies

Modi government in hot water: P Chidambaram joins Yashwant Sinha in taking pot-shot at economic policies

P Chidambaram tweeted: "Yashwant Sinha speaks Truth to Power. Will Power now admit the Truth that economy is sinking?"

By: | Updated: September 27, 2017 5:07 PM
Yashwant Sinha row, P Chidambaram, Congress, BJP, economy, Narendra Modi P Chidambaram tweeted: “Yashwant Sinha speaks Truth to Power. Will Power now admit the Truth that economy is sinking?”. (PTI)

The Narendra Modi government is in hot water. First, it was senior BJP leader Yashwant Sinha who launched a scathing attack on the government’s economic policies and then, later in the day, opposition leader and former finance minister P Chidambaram capitalising on the former’s criticism.

After Yaswant Sinha wrote an article in The Indian Express attacking the government on demonetisation, which according to him proved to be an “unmitigated economic disaster”, and the implementation of the GST which was “badly conceived and poorly implemented” havoc, P Chidambaram also took a pot-shot at the government asking the government to admit to shrinking economy.

P Chidambaram tweeted: “Yashwant Sinha speaks Truth to Power. Will Power now admit the Truth that economy is sinking?” The attack on the Modi government for “terrible mismanagement of economy” did not stop on the micro-blogging site. P Chidamabaram addressed a press conference listing economic problems which the country is facing.

“Private investments are dwindling and exports are on a steady decline over the past three years,” P Chidamabaram said. Calling the GST implementation “terrible and ill-conceived”, he said its flawed design is hurting the small and medium enterprises. “Small and medium enterprises are facing a cash crunch and working capital issues after the GST switch,” he said.

He said when the government projected India as the fastest growing economy, it was a “bluff” that was has been called. “Growth below 8% indicates struggle to find replacement jobs. All indicators suggested that growth was below 6%,” P Chidamabaram said. He further said that the Congress is opposed to the breach of fiscal deficit target, and will speak boldly aginst it.

Interestingly, Yashwant Sinha is not the first BJP leader, and P Chidambaram is not the first Congress leader to target government over the slow economic growth. Earlier this month, senior BJP leader Subramanian Swamy warned the government saying that the Indian economy was headed for a “major depression” and it could “crash” soon if efforts were not put to revive it.

Former prime minister Manmohan Singh also hit out at the government recently on the GDP growth, saying hasty implementation of the GST and the withdrawal of 86% of currency during the demonetisation exercise will further affect the GDP numbers.

The GDP for the first quarter (April-June) of the financial year 2017-18 slumped to a three-year low at 5.7%, far lower than 7.9% recorded in the same quarter last year.

  1. Jaswant Dey
    Sep 27, 2017 at 7:12 pm
    Mr sinha is reacting to the temporary symptoms of high dose of antibiotic solution injected to Indian economy in terms of implementation of demonetisation and GST, necessarily required to protect the Indian economy from unethical tax evasion and black marketing. The so called earlier fake economy boom in India was result of a huge black money transactions and tax evasion by unscrupulous small and medium sector companies earning hugely through middleman handling the black money. ADB has already indicated that Indian real and true growth rate as 7 for this year . Hence, Mr Sinha is mentioning this improper interpretation to strengthen the hands of opposition media houses and parties for seeking possible opportunity for limelight and political switching over.
    Reply
    1. M
      mklburg
      Sep 27, 2017 at 7:07 pm
      YESHWANT SiNHA! failed FM ? EVERYONE KNOWS WHO HE IS WORKING FOR AFTER MODI DUMPED HIM- IS OF COURSE PREPARING TO JOIN PAPPU AND OF COURSE CHIDU'S ONLY CONCERN ALONG WITH HIS SON FAMILY AT THE MOMENT IS TIHAR, TIHAR, TIHAR . WILL DO ANYTHING FOR.
      Reply
      1. D
        DP
        Sep 27, 2017 at 6:31 pm
        Now har har Modi chorus has started.
        Reply
        1. M
          Madarchod editor
          Sep 27, 2017 at 6:16 pm
          PC ka katke Sinha ki mein daldo..Dono hai.Dont publish.
          Reply
          1. M
            Madarchod editor
            Sep 27, 2017 at 6:13 pm
            editor I posted the comment as editor why do you show it as editor?Dont publish
            Reply
            1. M
              Madarchod editor
              Sep 27, 2017 at 6:10 pm
              PC Bhadwa you allowed your Italian boss pros ute Sonia to loot the nation and let your son stash $3Billion in Swiss bank bhadwa what do you know of finance ia?You were FM if your party who has ruined this nation and that Sinha had reduced interest on deposits without using his brain and the BJP lost in 2094 permitting you s to loot the nation. your should be cut bhadwa.
              Reply
              1. Tushar Kanta
                Sep 27, 2017 at 5:22 pm
                When BJP was in opposition, Congress used to dismiss all the claims by them, and now suddenly Yeswant Sinha is speaking truth.
                Reply
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