Demonetisation added fuel to the fire in declining GDP: Yashwant Sinha


New Delhi, Sep 27, 2017: Former Finance Minister and senior BJP leader Yashwant Sinha launched a scathing attack on his own party by claiming that the decision to demonetise high-valued notes has dented the India’s economy.

In an article written for The Indian Express, Sinha has said that many in the BJP know that the economy is on a downward spiral, but are not speaking up in fear.

In the razor-sharp worded article titled ‘I need to speak up now’, Sinha said that demonetisation proved to be an “unmitigated economic disaster” and that the Goods and Services Tax (GST) was “badly conceived and poorly implemented”.

Sinha also attacked the BJP President Amit Shah for citing ‘technical’ reasons for the recent fall in GDP. He added that since the BJP changed the method of calculating growth, the GDP is actually even lower than what it has been quoted to be. The former finance minister said that demonetisation was not responsible for the low growth rate, but had only “added fuel to the fire”.

In the hard-hitting remarks, Sinha, who was the Finance Minister in Atal Bihari Vajpayee’s government, lashed out at “superman” Jaitley for making a “mess” of the Indian economy which is headed for a “hard landing” as sector after sector is slipping into distress.

Sinha claimed that his views reflected the “sentiments of a large number of people in the BJP and elsewhere who are not speaking up out of fear”.

Calling raids by Income Tax department, Enforcement Directorate and Central Bureau of Investigation “a new game to instill fear in the minds of people,” adding that the BJP protested against these when they were in the Opposition while now it has become the order of the day.

Sinha concluded his article by saying, “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.”

Wefornews Bureau

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