Congress questions Jayant Sinha’s claim of New India

Describing Jayant's article as a "PIB press release", Congress leader and former finance minister P Chidambaram said Sinha should know that administrative changes were not structural reforms.

By: PTI | New Delhi | Updated: September 28, 2017 6:54 pm
Jayant Sinha, Yashwant Sinha, New India, P Chidambaram, Congress, Congress Jayant Sinha, GDP, Modi governemnt, NDA, UPA, BJP, Jayant Sinha said these structural reforms were not just desirable, they were necessary to create a ‘New India’ and provide good jobs. (File photo)

The Congress on Thursday raised questions over Union minister Jayant Sinha’s claims that “structural reforms” by the Modi government would create a ‘New India’. Jayant, in an article in a leading English daily, on Thursday defended the government’s economic policies a day after his father and BJP leader Yashwant Sinha hit out at Finance Minister Arun Jaitley for the “mess” in the economy in an article.

Describing Jayant’s article as a “PIB press release”, Congress leader and former finance minister P Chidambaram said Sinha should know that administrative changes were not structural reforms.

“Jayant Sinha’s article in ToI reads like a PIB press release. He should know that administrative changes are not structural reforms,” he said in a series of posts on micro-blogging website Twitter.

“If Jayant Sinha is right, why is the outcome a steady decline in GDP growth over 5 quarters? If Jayant Sinha is right, why is there no increase in private investment?” he asked.

“If Jayant Sinha is right, why is credit growth to industry negative? If Jayant Sinha is right, why is there poor demand for electricity and plant load factor at 50-60 per cent?” he asked.

Jayant, the minister of state for civil aviation, in an apparent reference to his father’s critical piece, said several articles have been written 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 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,” he said.

Jayant also said these structural reforms were not just desirable, they were necessary to create a ‘New India’ and provide good jobs.

“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,” he said.

Jayant also claimed that the structural reforms unleashed by the Modi government since 2014 constitute the third generation of reforms, after the first in 1991 and the second in 1999-2004 NDA government.

Unlike the first and second generation of reforms, he said the third generation of reforms “balances a better life for all Indians with the requirements of an advanced, sophisticated 21st century economy”.

“We are creating a robust new economy that will power long-term growth and job creation for ‘New India’,” he added.

On Wednesday, Yashwant, who was a finance minister during Atal Bihari Vajpayee-led NDA government, had criticised Jaitley over the state of the economy, prompting a sharp rebuttal from the government and the Congress to fire fresh salvos at what it called a “clueless” Centre.

In the article headlined “I need to speak up now” in a leading publication, Sinha, 84, had said he would be failing in his national duty if he did not speak up.

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  1. A
    Sep 29, 2017 at 12:09 am
    I have not much respect for the Biharis as I find them criminal minded. Nor do I have respect for Shatrughan Sinha who I find a 3rd rater. But I have immense respect for Yashwant Sinha and his family. It remains and will remain. If you want my respect you got to argue with Yashwant Sinha with facts, your taunt and nonsense will not help. Jaitley has not impressed with his response, it really doesn't make any difference what PM Modi thinks of Jaitley. On this I will not support the PM and the BJP. I won't support COngress ever that goes without saying. Do not give me this nonsense of tax zone increasing, give me some sense of how it makes people to do more business if indirect taxes are large?? Can Mr. Jaitley explain how GST is not affecting the lives of the small and medium scale? For this country I will take nonsense from anybody. This is my motherland, people have died for its security and freedom, I will not let Jaitley get away with his nonsensical response.
    1. Venkataraman Jagadesan
      Sep 28, 2017 at 11:18 pm
      We do not understand the interpretation of the ex-fm of Useless Party Association when he says that the GST is not a structural change in the tax structure. We were paying different tax in different states and also service tax ( when no service is being provided) VAT etc etc. Now the whole thing is brought under one with varying rates. Is it not structural change. Jai HInd.
      1. S
        Sep 28, 2017 at 10:35 pm
        It seems Modi doesn't consult his cabinet much prior to making important decisions. Is that because his cabinet isn't good enough, as is being pointed out now?
        1. C
          Champa Bai
          Sep 28, 2017 at 10:24 pm
          is bhos $ chiddu aur family ne saara khajana loot liya aur ab kanoon sikha raha hai CKL
          1. A
            Sep 28, 2017 at 8:35 pm
            First scamgrass should question themselves for inflation of 10 GDP of 5.6 during their tenure
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