Spiraling Indian Economy, Causes and Exits: Yashwant Sinha

"The Indian Economy - Current Challenges and Way Forward"

Former finance minister Yashwant Sinha criticised the current government’s economic schemes at the Institute of Chartered Accountant of India, Chennai on Friday.

Sinha, the former National Democratic Alliance (NDA) minister talked about the state of the economy, the way forward and the drop in rural demand by 75% along with the reduction in employment rates.

“Between the year 2000- 2011, construction labour alone was more than 40 lakh jobs created in the past six years,” said Sinha.

Sinha criticised Bharatya Janata Party’s demonetisation policy of 2016, banning higher denomination currency. He said that the worst affected sector post-demonetisation is the informal sector. The economy fared the brunt of rash decisions, particularly in places like Tirupur and Amabala, which is an industrial belt.

He pointed out that each government retains a legacy from the previous one.

The Narendra Modi’s government had gotten its share of misfortune from the United Progressive Alliance (UPA) government.

The current government has been accused of being fascist, Sinha agreed and said there are three layers to fascism — lies, damn lies, and statistics. India, in 2019 under the current government has reached the statistics level.

Sinha concluded the talk by presenting policies to assist the stabilization of the economy.

“There is an urgent requirement to induce demand, for the consumption to increase,” he said. “Sentiments of people should be taken care of, as sentiments also accelerate demand,’ he added.

He concluded the excuses proffered by the government have nothing to do with global economy by Government of India.

 

This event was covered by Srishti Lakhotia and Vallari Sanzgiri from ACJ Print batch of 2020.