A day after the Senior BJP leader Yashwant Sinha's takedown of Finance Minister Arun Jaitley's handling of the economy, his son and union minister Jayant Sinha has defended the government's economic policies, stating it is undertaking structural reforms that are "necessary to create a 'New India' and provide better jobs for our billion-strong Indian workforce."
Unfortunately, recently articles draw sweeping conclusions from a narrow set of fact and quite simply miss the fundamental structural reforms that are transforming the economy. Moreover, one or two-quarters of GDP growth and other macro data are quite inadequate to evaluate the long-term impact of the structural reforms underway. "The new economy that is being created will be much more transparent, globally cost-competitive, and innovation driven. Importantly, the new economy will also be much more equitable thereby enabling all Indians to lead better lives,
His father's harsh critique was published in the Indian Express yesterday. Yashwant Sinha accused Arun Jaitley of making a "mess" of the economy and blamed it partly on what he called a hurried launch of the Goods and Services Tax (GST) and Prime Minister Narendra Modi's shock move to ban high values currency last year. The BJP veteran, who is a former Finance Minister, has pointed to the slowdown in economic growth and warned that the economy is unlikely to recover by the next national election in 2019. Jayant Sinha makes no direct mention of his father's assessment, but says articles that have been written on the challenges that face the economy "draw sweeping conclusions from a narrow set of facts, and quite simply miss the fundamental structural reforms that are transforming the economy."
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