Latest laws Helping good people to do good things.September 28, 2017
Modi Govt is still asserting the Indian economy is the fastest growing in the world.
Senior BJP leader Yashwant Sinha delivered a strong criticism of the Finance Minister Arun Jaitley over the state of the economy, prompting a sharp rebuttal from the govt. today & the Congress to fire fresh salvos at what it called a “clueless” Centre.
The attack by Sinha, who was finance minister under Atal Bihari Vajpayee-led NDA govt, via newspaper article set off a political storm, even as 2 top union ministers – Rajnath Singh & Piyush Goyal defended the economic situation, saying that the Indian economy is the fastest growing in the world.
As the Congress latched on to Sinha’s criticism, the govt. also said it’ll “stay the course” & that it’d work to transform the economy.
In the article headlined “I need to speak up now” in today’s edition of The Indian Express, Sinha, 84, severly criticised Jaitley over the “mess the finance minister has made of the economy” & said he’d be failing in his national duty if he didn’t speak up.
“Finance ministry, in the best of times calls for the undivided attention of its boss, if the job has to be properly done. In challenging times it becomes even more than a 24/7 job. Naturally, even a superman like Jaitley couldn’t do justice to the task,” he wrote, as he slammed the govt. over decisions like note ban & the GST, the new universal tax regime.
Yashwant Sinha, a member of the BJP’s ‘margdarshak mandal’ that was set up in 2014 to guide the party, also said a revival by the time of the next Lok Sabha elections due in 2019 was “highly unlikely” & a “hard landing” appeared inevitable.
“The PM claims that he has seen poverty from close quarters. His finance minister is working over time to make sure that all the Indians also see it from equally close quarters,” Sinha further said.
Rejecting Sinha’s criticism, the govt. insisted that the Indian economy is the fastest growing in the world & some “uncertainty” is bound to occur when “transformative” measures like demonetisation & the GST are taken.
Home Minister Rajnath Singh said the India’s credibility has been established in international arena under the Modi govt.
“The whole world admits that India is the fastest growing economy in the world, no one should forget this fact. In the matter of economy, in the international arena, country’s credibility has been established,” he told reporters, making a reference to Sinha’s criticism.
Railway Minister Piyush Goyal said the govt. wouldn’t flinch due to some criticism & that it’d “stay the course” as it works to transform the economy.
Piyush Goyal said Sinha is entitled to his opinion.
“There’s bound to be some uncertainty when some transformative changes are made; it (economy) may take some amt. of time to absorb these changes but this’ll pass.
Challenges come but we’ll stay the course. The govt. is steadfast in its resolve to end black money & corruption. It won’t flinch due to some criticism,” he said.
Senior Congress leader and former finance minister P Chidambaram asked the “clueless” Centre how long it’d hide behind PM Narendra Modi’s “rhetoric & party slogans.”
“Ladies & Gentlemen, this’s your copilot & FM speaking. Please fasten your seatbelts & take brace position. The wings have fallen off our plane,” Rahul Gandhi tweeted while taking a dig at Jaitley.
Mr Yashwant Sinha before I write anything about you let me give my heartfelt condolences to the people who have lost their lives in the Mumbai train station stampede.Now,coming back to you sir I am forced to write again and again about you because you are again and again giving statements to misguide the people of India on a Public platform,so it will be appropriate that today I also tell the people of India comprehensively about the truth of all that you are saying and I will do so with full facts and then let the people of India to decide for themselves,I remind you that whatever I will write are my own personal opinion and has nothing to do with the Government or the BJP Party.Sir,I start with your latest remark that “Jaitly has made this personal by calling me a job applicant and has forgotten L.K Advaniji advice of not making personal attacks,now I remind you two things that you have conveniently forgotten 1)It was you who started the personal attacks by first attacking Mr.Jaitly for messing up the Indian economy and than Mr.Modiji our P.M of not giving you the time to meet you since the last one year.2)It was you to whom Advaniji gave the advice of not making personal comments when you were speaking in the Parliament on the Bofors issue in 1999,how did you forget that?Second you said that ” The economy is not something that can be fixed overnight.No one has a magic wand,it took us four years to get the economy back on track during the Vajpayee Government If Rajnath and Piyush Goyal seems to know the economy better than me and they think India is the backbone of the World economy,I politely disagree”.Sir,I politely ask you that if it took 4 years to get the economy back on track how can this NDA Government get this economy on track after just 3 and a half year after coming to power and that too after 10 years of misrule and mismanagement of economy by the UPA government and 2) Why is the IMF(International Monetary Fund) and other U.N organizations saying that India is the fastest growing economy both in FY 17 and FY I8? 3)If Mr.Rajnath and Mr.Goyal do not know the economy better than you than what makes you an expert on the Indian economy? I did some research on you and found out that you did your Masters Degree in Political Science in 1958 and taught the same subject at the University of Patna till 1960,than you joined IAS in 1960 and served in the Fianance department of Bihar for 2 years and then in Ministry of commerce as Deputy Secretary to the Government of India.You than resigned in 1984 and joined politics by joining the Janta party,now all this begs for an answer from your side that how can a degree in political science and few stints in Fianance and Commerce Department make a person expert in the subject of economics.I will return to your expertise shortly again but there are other things first you said that”If the people like former F.M MrP.Chidambram speak on economy than the government should listen to them” Mr Chidambaram sensing the opportunity to corner the govt also said that an experienced person like Yashwant Sinha should be listened to very carefully by the govt,Let me remind you of some not so charitable views about each other from a few years back,You said”Chidambaram will have to be born again to match my record as a Fianance minister.Chidambaram is the most conceited person as he bugged my telephones when I raised the issues of the Aircel-Maxis Deal” Your friend Chidambaram said about you”Yashwant Sinha tenure during the Vajpayee govt was the worst years since liberalisation ” and many more not so polite things,Now I will come back to your expertise in Indian economics and here whoever is reading this should read carefully In late 1990 when you were the Fianance minister the most serious economic crises(Balance of payment crisis) arose.The Government was close to default,its central bank refused new credit and foriegn exchange resereves had been reduced to such a point that India could barely Fianance three weeks worth of imports which led the Indian Government of whose you were the Fianance Minister to airlift national gold reserves of 67 tonnes as a pledge to the IMF in exchange for a loan to cover the balance of payment debt of $2.2 billion.The crisis was caused by currency devaluation,the current account deficit,dip in investors confidence,such was the outrage that it helped Congress to tide over the crisis and win the general elections.P.V NaringhRao became the P.M and the damage done by you to the economy was such that the economic reforms I.e liberalization were had to be made to save the economy.Your second stint as Fianance minister in 2001-2 also caused such unrest due to your unpopular policies that the then P.M Mr A.B Vajpayee had to replace you with Jaswant Singh,now after reading all this people can decide for themselves whether you have any right to question any Fianance Minister let alone the F.M of the current NDA Government.I reiterate that whatever I have written is available in public domain and anyone can see it and these are my personal views,views of a common man of a new,educated and resurgent India who cannot be misguided or befooled by giving false statements…….I urge you to gracefully accept the present as it is the duty of the past to make way and welcome the present.What you are doing is only doing harm to your grace only….Jai Hind.