A day after Yashwant Sinha attacked the government over the state of the economy, Minister of State for Civil Aviation Jayant Sinha said that some 'sweeping conclusions' were drawn from a 'narrow set of facts', missing the 'structural reforms' transforming the economy.
A day after Yashwant Sinha attacked the government over the state of the economy, Minister of State for Civil Aviation Jayant Sinha said that some 'sweeping conclusions' were drawn from a 'narrow set of facts', missing the 'structural reforms' transforming the economy.
Sinha's remark came after his father Yashwant Sinha delivered a blistering criticism of Finance Minister Arun Jaitley over the state of the economy in an opinion piece title - I need to speak up now - and questioned the current methodology to calculate the GDP, attacking NDA government.
"The methodology for calculation of the GDP was changed by the present government in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. So, according to the old method of calculation, the growth rate of 5.7% is actually 3.7% or less," Yashwant Sinha wrote in Indian Express.
However, Jayant Sinha, in a blog for The Times of India - New economy for new India - said, "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.
"Several articles have been written recently on the challenges facing the Indian economy. Unfortunately, these articles draw sweeping conclusions from a narrow set of facts, and quite simply miss the fundamental structural reforms that are transforming the economy," Jayant Sinha said.
Stating that the structural reforms are not just desirable, they are necessary to create a ‘New India’ and provide good jobs for our billion-strong workforce, Sinha said, "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."
On Wednesday, Yashwant Sinha, who was finance minister under the Atal Bihari Vajpayee-led NDA government set off a political storm. 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' and a 'hard landing' appeared inevitable.
However, Union Ministers Rajnath Singh and Piyush Goyal - defended the economic situation, asserting the Indian economy is the fastest growing in the world.
As the Congress latched on to Sinha's criticism, the government also said it will "stay the course" and that it would work to transform the economy.
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