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Demonetisation, GST played ‘big role’ in decline of economy: Yashwant Sinha
New Delhi, Sep 28 (IANS) Stepping up his attack on the government’s management of the economy, senior BJP leader Yashwant Sinha on Thursday said the Finance Ministry failed to address the problem of non-performing assets (NPAs) and the opposition Congress cannot be blamed for the “mess” in the economy.
A day after creating a political storm through his critique published in the Indian Express that led to a debate in the country over the state of the economy, Sinha justified his criticism of the economy while talking to various television channels on Thursday.
“The first serious task of the government should have been to solve the NPAs issue, plaguing the banking sector and holding back the economy. Around 40 months have elapsed since the government took over and the bad loans crisis looks nowhere near resolution,” Sinha told a news channel.
He said the economy was in bad shape for a long time because the government failed to analyse the effects of demonetisation and gave another shock in the form of the Goods and Services Tax. “They (Demonetisation and GST) played a big role in the decline of the economy,” he said.
“I am not judging on the basis of one quarter. The economy is falling from the last six quarters. I hope the government will wake up and the economy will catch the pace,” he said.
He said the government had failed to do a detailed analysis of the effects that demonetisation and GST would have on the economy.
“They should have analysed the effect of the note ban on employment and the overall economy,” Sinha said adding that the effects of demonetisation hadn’t subsided when the economy had to bear the brunt of another shock in the form of GST.
While supporting the idea of cashless economy, Sinha, however, said the move to suddenly impose it via the note ban was flawed.
“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.
The former Finance Minister said that a falling economy does not create employment.
“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,” he said.
Responding to government claims that it inherited the economy in a bad shape from the previous UPA regime, Sinha said the Congress cannot be blamed for the mess in the economy as the Narendra Modi government has completed more than three years in power.
“There was a constant downfall in the economy, but I did not speak. We cannot blame the previous government any more because we have been in power for 40 months and got full opportunity to correct things,” he said.
“I was a supporter of GST. The government was in a hurry to implement it from July. Now, GSTN, which is the backbone, is failing,” he said.
On being asked about defence of the government by Home Minister Rajnath Singh and Railway Minister Piyush Goyal, Sinha said: “Rajnath Singh and Piyush Goyal seem to know the economy better than me.”
Asked about his son and union minister Jayant Sinha’s rebuttal of his claims in an article in the Times of India, Yashwant Sinha said: “If he (Jayant) was competent to answer my criticism, then why was he shifted from the Finance Ministry.”
To a question why he was not airing his views in party fora, Sinha said there was no platform available within the party. “In fact, I had asked for an appointment with the PM a year ago… still he has not given me time….”
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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