In The Long Run, We Are All Dead: Yashwant Sinha

Yashwant Sinha

New Delhi, Sep 28: A day after senior BJP leader and former Finance Minister Yashwant Sinha lashed out at Arun Jaitley for the current economic situation, Sinha on Thursday said he had known for quite long time that country’s financial system  has been on a decline.

Speaking on Demontisation, Yashwant Sinha remembered Keynes quote ‘In the long run we are all dead’ to describe the future of country’s economic condition, adding that when the country’s economic system was not that strong, the government shouldn’t implemented it.

“Even developed countries use cash to the extent of 40 per cent of the economy. India is a developing country where the agricultural sector, a cash-intensive sector, employs a lot of people. If you suddenly force cashlessness, it is going to create havoc,” he said.

“They should have analysed the effect of the note ban on employment and the overall economy,” Sinha said adding that the aftermaths of demonetisation hadn’t subsided when the economy had to bear the brunt of another shock in the form of GST.

Launching a scathing attack on the government over GST roll out in haste, he said “I was a supporter of single tax. Govt was in a hurry to implement it from July. Now, GSTN which is the backbone is failing.

“We cannot blame the previous governments as we got the full opportunity in our term. People want to get employed but everyone is saying that there are no jobs, added.

Yesterday in a newspaper article titled ‘I need to speak up now’, Yashwant had criticised Jaitley over what he called the ‘mess the finance minister has made of the economy’ and flayed demonetization and the way the GST had been implemented.

After which he invited flak and became the talking point across the world.

Wefornews Bureau 

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