Indore, Sep 15 : Former BJP leader Yashwant Sinha termed the Finance Minister Nirmala Sitharaman’s reasoning behind decline in the automobile sector as “weird” and asked whether she can explain how the sales of trucks declined.Further saying that farmers condition should be improve for the betterment of the Indian economy .
“We should have grown at a rate of at least eight percent. the GDP growth has come down to five percent The missing three percent growth meant loss of Rs. 6 lakh crore in just one quarter, he claimed.
Speaking to media persons in Madhya Pradesh’s Indore, the former finance minister said, “People in the government are making weird statements. These statements will not lead to betterment of economy. But they will definitely affect the government’s image.”
Finance minister Nirmala Sitharaman’s stated that decline in the automobile sector is because of millennials using app-based cab services Ola and Uber instead of buying car.
To the reason given by the minister of Modi government for the decline in the sale of cars, Sinha questioned, “If companies like Ola and Uber caused a drop in passenger vehicle sales, then why there is a slowdown in sales of two-wheelers and trucks?”
Sinha even mocked the Piyush Goyal’s statement while defending the finance minister . “A Union minister (Piyush Goyal) is talking about Einstein’s law of gravity,” the former BJP leader said.
Piyush Goyal was defending the government against the allegations of the economic slowdown. He was trying to answer the question of how projected GDP growth rates don’t seem to align with the $5 trillion-dollar economy mission when he said something interesting — “Maths didn’t help Einstein discover gravity”.
“Bihar’s finance minister (Sushil Modi) said there is recession due to Sawan-Bhado (the rainy season).” the former BJP leader said.
Sinha also asked how can Sitharaman equate the economies of India and UAE and questioned the announcement to organize a mega-shopping festival in India on the lines of Dubai Shopping Festival to boost exports.
“The economies of UAE (United Arab Emirates) and India are different. India’s economy will progress only when farmers in areas like Mandsaur in Madhya Pradesh progress,” he said.
Critical of the merger plan, he said”I am not opposed to merger. But it will not reduce their non-performing assets automatically, rather bank officials will get tied up in completing merger formalities instead of focusing on actual banking.”