“Before 2014, I was party (Bharatiya Janata Party) spokesperson when it came to economic affairs, we used to call then United Progressive Alliance (UPA) government situation ‘Policy Paralysis’. This government is not paralysed as many decisions are being taken. But, there is confusion in the government that development can be done through welfare schemes, which is not right,” said the former finance minister.
He further added that for development, the Non-performing asset (NPAs) of the banks should be cleared.
“Apart from everything else, the first and foremost goal of the government is to strengthen the banks, but we are awaiting actions in this regard,” Sinha said.
He said that since many days the Indian economy was falling and everybody was concerned. When government didn’t act, then I thought I should take this issue in public domain.”
In the article, titled ‘I need to speak up now’, Yashwant on Wednesday took on the Centre over poor economic record and said that demonetisation proved to be an “unmitigated economic disaster” and that the Goods and Services Tax (GST) was a “badly conceived and poorly implemented” havoc.
The former finance minister reiterated his charge that demonetisation and the implementation of the Goods and Services Tax (GST) were badly timed.
“Demonetisation shouldn’t have been brought when economy was weak, its effects were yet to subside and the GST served as second big blow. I was a supporter of GST. But, the government was in a hurry to implement it from July 01. There was nothing special in July 01 as the April o1 is important in a financial year,” Sinha said, and added that now, the Goods and Service Tax Network (GSTN) which is the backbone of the GST, is failing.
The GSTN is a non-profit, non-government organization which manages the entire IT system of the GST portal.
He said that there are no job opportunities in the country.
“Today, the people want jobs, but if you ask anyone you would get reply that there are no jobs,” Sinha said.
In his article, Yashwant also took a jibe at raids conducted by Income Tax department, Enforcement Directorate and Central Bureau of Investigation and said that it has become “a new game to instil fear in the minds of people.”
Sinha concluded his article by saying, “The prime minister claims that he has seen poverty from close quarters. His finance minister (Arun Jaitley) is working over-time to make sure that all Indians also see it from equally close quarters.”
Soon after the article surfaced on social media, the Congress and other Opposition parties found fodder to attack the ruling dispensation.