The debate on the state of India’s economy has heated up and key politicians from both sides of the aisle have voiced their opinion of late.
While the Narendra Modi government has faced flak from even within his Bharatiya Janata Party (BJP)—apart from the opposition—for allegedly mishandling the economy, it has also received support from outside.
Here are some important voices.
Former finance minister and senior BJP leader Yashwant Sinha, in a provocatively headlined column in The Indian Express newspaper on Sept. 27, repeatedly blamed Arun Jaitley, the “lucky finance minister,” for the mess that India currently finds itself in. He wrote about the depressed global crude oil prices, which left the government a kitty of “lakhs of crores of rupees” that hadn’t been taken advantage of.
Private investment has shrunk as never before in two decades, industrial production has all but collapsed, agriculture is in distress, construction industry, a big employer of the workforce, is in the doldrums, the rest of the service sector is also in the slow lane, exports have dwindled, sector after sector of the economy is in distress, demonetisation has proved to be an unmitigated economic disaster, a badly conceived and poorly implemented GST has played havoc with businesses and sunk many of them and countless millions have lost their jobs with hardly any new opportunities coming the way of the new entrants to the labour market. For quarter after quarter, the growth rate of the economy has been declining until it reached the low of 5.7% in the first quarter of the current fiscal, the lowest in three years. The spokespersons of the government say that demonetisation is not responsible for this deceleration. They are right. The deceleration had started much earlier. Demonetisation only added fuel to fire…
The prime minister claims that he has seen poverty from close quarters. His finance minister is working over-time to make sure that all…