1. Yashwant Sinha: Arun Jaitley wants to make Indians see poverty from close quarters like Narendra Modi

Yashwant Sinha: Arun Jaitley wants to make Indians see poverty from close quarters like Narendra Modi

Amid fears of an economic slowdown, infighting within the BJP is out in the open.

By: | New Delhi | Updated: September 27, 2017 11:55 AM
yashwant sinha, yashwant sinha arun jaitley, yashwant sinha on arun jaitley, yashwant sinha on modi, yashwant sinha demonetisation Former Union Finance Minister and senior BJP leader Yashwant Sinha. (IE file)

Amid fears of an economic slowdown, infighting within the BJP is out in the open. In an Op-ed published in The Indian Express today, former Union Finance Minister and BJP leader Yashwant Sinha attacked current Union FM Arun Jaitley, holding the latter responsible for the “mess” in Indian economy at present.

Pointing out that economy is on a downward spiral, 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.”

Jaitley has never received such strong criticism from within the BJP in the last three years. Sinha said that the name of Jaitley was already finalised even before the 2014 General Elections. He was appointed as FM even as he lost the election in Amritsar.

Sinha said that Jaitley is considered to be the “best and the brightest” in this government. But, “In challenging times it becomes more than a 24/7 job. Naturally, even a superman like Jaitley could not do justice to the task,” he said.

The former FM claimed that Jaitley was a lucky finance minister, “luckier than any in the post-liberalisation era.”

“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,” he said.

On the current status of economy, the former FM said, “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.”

“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,” he added.

The former FM further pointed out that the methodology for calculation of the GDP was changed by the present government in 2015. In what may shock many, he said, “So, according to the old method of calculation, the growth rate of 5.7 percent is actually 3.7 percent or less.”

Sinha said that Jaitley failed to take corrective 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.”

Sinha alleged that Jaitley has resorted to creating fears in the minds of people through 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.”

The former FM predicted that the economy is unlikely to revive before 2019 General Elections. And concluded, “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”.

  1. Bir Chilarai
    Sep 28, 2017 at 10:00 am
    That Sinha based his learned opinion on a mere two or three quarters of economic numbers betrays both his real intentions and his lack of financial understanding and qualification. Added to his silly remarks on J K, it is clear that this is a frustrated politician chafing at being ignored and sidelined and having no compunctions in hurting the nation. I'm surprised he has not be expelled from BJP for his anti national actions.
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    1. C
      CV KUMAR
      Sep 27, 2017 at 8:42 pm
      It is impossible to imagine how many forces are working at any given time to fail Modi Ji and tarnish his image to destroy BJP and its govt? North Korea syndrome is pulling down every economy as fears grip the whole world. We see, understand and have no doubt that the govt's intentions are honest and sincere. Failure of implementation of some scheme like of demonetisation does not mean the scheme was not well intentioned but the whole Combined Opposition parties with their loot partners in the society worked hand in gloves day and night to fail this scene. To a great extent failure can be blamed on the greed of some/ most disgruntled BANKING STAFF who made illegal money we all know how? We presume the country is in able and sincere hand, Mr Sinhaji!
      Reply
      1. C
        CV KUMAR
        Sep 27, 2017 at 8:13 pm
        Mr Sinha may be cent percent right on many counts but I don't agree with him on raid raj objective? All those who have been sucking govt treasury for years with making the world records of sums of LOOT without any fear, if they are being hounded then what troubles Mr Sinha and why? More than policy failures we must see the intentions? Demonetisation was a very good step but .most stupidly implemented. It is not India only facing economic problems but the whole world is suffering North Koria syndrome. Let us hope and pray it blows over peacefully!!!?
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        1. N
          N Srnivasan
          Sep 27, 2017 at 1:46 pm
          He wants to fill the blank left over by Gauri Lankesh
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          1. A
            ABD
            Sep 27, 2017 at 12:52 pm
            Modiji mocked highly talented economists who were not in favour of demonetization. Modiji never values talents. Rajan was shown the door. Many unsuitable persons are given responsibility which is not as per their expertise. Economy is a very critical issue and can not be run by wishful thinking and incompetent persons. Modiji, please regard the talents .BJP spoiled the economy at a time when position was favourable..People were supportive and took pain to support any decision Modiji took but now has started lamenting . We see that not in a single field , be it social fabric, student campus, job creation, taming the militants, Modiji's approach proved correct. It appears that India does not need talents,it needs only yes men. We hate criticism.. If you say any thing against , you become unpatriotic. Please understand that raising 300ft tall national flag at university campus does not prove your patriotism. You commitment for the country, not the lies expose your patriotism.
            Reply
            1. S
              Sal P
              Sep 27, 2017 at 12:20 pm
              I am having last laugh. I know many right thinking Indians do too.
              Reply
              1. J
                Jayesh
                Sep 27, 2017 at 12:20 pm
                Honestly I do not want to pay taxes, if black money is allowed to flourish, inter-state tax regime make trade costlier and most importantly taxes are not distributed to poor in proper way without leakage. I see this govt is not wasting my taxes. I know there are difficulties and these are same difficulties which are at ude issue which one face with cleanliness in surroundings ...cleanliness in trade
                Reply
                1. K
                  K V RAO
                  Sep 27, 2017 at 11:51 am
                  Well said. This should be an eye opener to the paid media and NaMo devotees...Wake up India..wake up
                  Reply
                  1. V
                    varinder singh
                    Sep 27, 2017 at 11:50 am
                    Yashwant Sinha is venting out his anger for being sidelined by his party. He has indulged in such type of activities earlier also. He is a true copy of Shatrughan Sinha who instead of commanding respect demand the same from the party. He is a spent force now.
                    Reply
                    1. I
                      indian
                      Sep 27, 2017 at 11:42 am
                      The article is a biased and motivated one and does not give any analysis. IT argues that TAX EVASION and money laundering should be allowed to continue by businesses and they should not be brought to book. it has ignored successes like jandhan yojana, ujjavla yojana, steps against black money, scheme for affordable housing. inflation, fiscal deficit, current account deficit are down from 2014 levels PVT Investment decline and bank npa are legacy problems from UPA-2 era of scams. The articles argues that business should not be taken to insolvency and allowed to default on loans which is public money. construction industry is full of black oney and resulted in real estate prices reaching skies during UPA and many people could not afford houses then. Demonetization and GST have resulted in unprecedented transparency and some pain was inevitable when there is a change and new system comes. his son was part of fin ministry Yashwant is mentally deranged as he was chucked out.
                      Reply
                      1. B
                        balakrishnan
                        Sep 27, 2017 at 11:37 am
                        Jaitly must step down immediately.
                        Reply
                        1. J
                          JManoharan
                          Sep 27, 2017 at 11:34 am
                          Very well said. He reflects the sentiments of thousands of Indians who worry about the country's future. This government is running out of clues and digging its own grave!!
                          Reply
                          1. Romesh Jaleria
                            Sep 27, 2017 at 11:34 am
                            Mr Sinha is analysing the ground realities which common man is confronted with and unfortunately which is being overlooked by many in the power circles.GST and demonetisation has made workforce its target with diminishing employment opportunities and a deep sense of unreliability of these and such other plans. It is high time to deliberate on these issues. No doubt Modi Ji has very high moral power with him but Indian economy and especially social fabric is always intriguing element. So kindly do not criticise the suggestions because these have been made by A or B.
                            Reply
                            1. T
                              Tarunorissa
                              Sep 27, 2017 at 11:29 am
                              Mr. Jaswant Sinha seem to be correct more than 100 .
                              Reply
                              1. P
                                Pradeep Raghavan
                                Sep 27, 2017 at 11:29 am
                                Now, the Chaddidhari Bhakts will come comment on this article, they will rather crack jokes and make fun of Rahul Gandhi.
                                Reply
                                1. H K Doshi Doshi
                                  Sep 27, 2017 at 11:29 am
                                  In fact it is not Indian economy is in distress but Mr Yashwant Sinha 's his family's ambition is in distress.This family's all members has enjoyed power position in past.Is their any dearth of talent in Bihar India. This is the family one more Shatrughna Sinha's family feel that they are only intelligent family of Bihar / India and knows better than any one. BJP should initiates some disciplinary actions against these leaders for such public remarks against elected members of party Government.
                                  Reply
                                  1. Jayesh Sheth
                                    Sep 27, 2017 at 11:25 am
                                    In my previous comment i have told that 2nd qtr. the GDP growth is less than 5.45 .And at present the govt. is steeled the political settlement with another party.It comes true,no job,inflation increase,savings rate deceasing by adjusting inflation and lot of problem for common people for fears.This is the main reason and every govt. feel that crude duty is main income but for economy growth crude is necessary and it creats a lot problem from farmers to end users.Govt. main income is at present crude cess,STT and service tax.It is not good for any govenrment.moreover to selll the property of govt. like disinvestment and by merging to take adantage of law.How it will sustain?Doctor is good but orthopedic doctor cannot surgery a Heart.As a law minister it is good but as asfinance minister without practical knowledge no one run even own house.
                                    Reply
                                    1. H K Doshi Doshi
                                      Sep 27, 2017 at 12:12 pm
                                      No one born with experience. There is no drain on Govt. money by corruption economic scandal. Orthopedic doctor is also a doctor though he could not able to do heart surgery , but he definitely can prescribed some preventing measures emergency medicine also. This can not be done by Rahul Baba. There are so many wasted interest predict dooms.
                                      Reply
                                    2. Mani Chandrasekhar
                                      Sep 27, 2017 at 11:25 am
                                      Well said Mr. Sinha. It seems to me that the PM FM have become arrogant and if this continues then they will be out of the scene in 2019 elections if the opposition unite
                                      Reply
                                      1. C
                                        Chandra
                                        Sep 27, 2017 at 11:18 am
                                        The terrible thing is..... it is not over by far. Things are going to be much much worse. This is what happens when you have no plan, no experienced advisers and/or cronies who do not have the guts to speak out about wrong policies.
                                        Reply
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