Father Vs Son? After Yashwant Sinha's Attack On Economy, Son Jayant Defends

News World India | 0
| September 28 , 2017 , 13:01 IST

Veteran BJP leader and former finance minister Yashwant Sinha's tell-all article on the condition of the economy, describing it as a 'mess' made by Finance Minister Arun Jaitley, drew a response from several politicians.

While many seconded Yashwant, others defended the economy and among the defenders of the 'new economy' was none other than Yashwant's own son, union minister Jayant Sinha.

Defending the economic policies of the government, Jayant praised the new economy calling it more transparent and globally cost-competitive.

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"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," said Jayant.

Although Jayant did not out rightly mention the article written by his father, he referred to 'several articles' written recently that 'draw sweeping conclusions' and miss structural reforms.  

"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. 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," wrote Jayant.

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"These structural reforms are not just desirable, they are necessary to create a ‘New India’ and provide good jobs for our billion-strong workforce," he continued.

"GST, demonetisation and digital payments are game-changing efforts to formalise India’s economy. Transactions that were taking place outside of the tax net and in the informal sector are now being brought into the formal sector," Jayant highlighted.

"In sum, the structural reforms unleashed by the Modi government since 2014 constitute the third generation of reforms since the first generation of reforms initiated in 1991 and the second generation in the 1999-2004 NDA government," Jayant said.