Centre standing on brink of bankruptcy: Yashwant Sinha
AHMEDABAD: Former BJP leader Yashwant Sinha on Saturday said the Central go nment was on the "brink of bankruptcy" due to the economic slowdown.
He also said the economy was passing through its "worst-ever crisis" due to the "death of demand" in sectors.
Sinha was speaking on the sidelines of his "Gandhi Shanti Yatra" against Citizenship Amendment Act (CAA) and National Register of Citizens (NRCNSE 2.22 %) which has arrived in Ahmedabad.
He reiterated the new citizenship law was a ploy of Narendra Modi go nment to divert attention of people from important issues like the "failure of economy".
"This go nment ignored problems related to the economy and tried to portray that everything is fine by manipulating figures. But the data cannot be fudged forever. Now, they have accepted the problem and are saying that they will do something about it," Sinha said.
As per recent go nment data, wholesale prices based inflation surged to an eight-month high of 2.59 per cent in December, as against 0.58 per cent in November due to sharp rise in prices of food articles like onion and potato.
The annual inflation, based on monthly wholesale price index (WPI) was recorded at 3.24 per cent in April 2019.
Sinha, who had served as finance minister during 1998-2002, said the current go nment had left with no funds to utilise.
"This go nment has used everything (funds) at its disposal. It is on the brink of bankruptcy now," he said.
"Many people are saying that the go nment should spend more to boost the economy, but this go nment is speaking about curtailing expanses," he said.
Sinha, who heads Rashtra Manch, claimed that Finance ministry had asked all the departments to spend just 25 per cent of the total allocated budget instead of the 33 percent, which it had allowed in the last quarter.
"Private investment has become zero due to the twin balance sheet problem. The NPA of banks has grown bigger instead of shrinking," he said.
Sinha further said the lack of demand was affecting the economy, which "started with rural distress and gradually spread to urban areas due to demonetisation in 2016".
"The problem has now spread to all sectors. For example, the transport sector is witnessing a slump in the demand of cars and two-wheelers. In the past, we had seen the demand slump, but this time it is the 'death of demand' which is unprecedented," Sinha said.
He said the upcoming Budget will be crucial.
"Another thing which never happened in the past is PM Narendra Modi himself conducting 13 pre-budget consultations with stake-holders unlike in the past when finance ministers used to conduct the same," Sinha added.
In such scenario, the go nment had introduced the "divisive CAA".
He said Union Home Minister Amit Shah had announced in Parliament that the go nment will bring in National Register of Citizens.
"The CAA and probable NRC are aimed at diverting attention of people and dividing the country on religious lines. There was no need to bring in the CAA, as the old act had the provision to give citizenship, and many people were given citizenship under it," Sinha said.
Considering the experience of the NRC in Assam, the exercise should never be introduced in the country, he added.
He also questioned the need for the National Population Register (NPR), saying Aadhaar is equivalent to the NPR.
"The question before the UPA go nment and later the NDA go nment after 2014 was to whether go for Aadhaar or NPR, the Modi go nment opted Aadhaar," he said.
He accused the BJP go nment in Gujarat of misusing section 144 (of CrPc) and not allowing even a peaceful protest against the CAA and NRC.
译文来源：三泰虎 http://www.santaihu.com/49232.html 译者：Joyceliu
Thanks to the loot of 20.23 trillion USDs by the Congress and its cronies from 1947 till 2011 alone.
Ha Ha, frustrated politician. His son has been given a berth in the cabinet and his grouse is he has not been made a minister.Read in papers that there ia a global slow down and its impact on India will be there too.
You are true sirReality today
Is Anger In not getting a position Symptom of Depression? Gentleman must meet a shrink ASAP.
The grapevine has it that rollback sinha had demanded rollback of demonetization, GST and Aadhaar. It was not accepted by Modi and hence they both had a fallout.
PM Modi should make Mr.Sinha the FM, and then he will turn India into Shining India
Frustrated Mr. Sinha still thinks he is the best FM the country ever had and cannot accept the fact that his opinion does not count nor asked for anymore - hence all these bitter statements against the go nment.
this was bound to happen after elecing illiterates to the highest post
This frustrated man keeps spewing venom on PM Modi for what this man is today. People do not take anything seriously when he and others talk out of frustration with little meaning. Centre is not standing on brink of bankruptcy, but his ideas are coming from a bankrupt mind.
Mr Sinha the indicators you are referring are designed by leftist and Congress. BJP and RSS think tank have developed base data for use and Niti Ayog has incorporated the same in their model which will show true GDP, consumption , income, employment, health and education metrics that will surprise even the world bank. Hopefully this will get reflected in economic survey by Niti Ayog.
辛哈先生，你提到的数据指标是由左派和国大党设计的。印度人民党和RSS智库已经开发出可供使用的基础数据，而Niti Ayog也将同样的数据纳入他们的模型中，该模型将显示真实的GDP、消费、收入、就业、健康和教育指标，甚至会让世界银行大吃一惊。希望这能反映在Niti Ayog的经济调查中。
Disgusting man ys. People voted for PM not FM. If PM taking pains in budget then what's his problem. This is accountable and sensitive PM.
Brainy, then how come economy is 4.5%, any answers? having access to keyboard does not mean you have to type, you can rest sometimes..
Sinhaji, be it so. I am hoping for 5 trillion dollars economy by 2030
Why are you publishing opinions of such frustrated politicians as headlines? The likes of Chidambaram or Yashwant Sinhas who have political agenda and are not professional economists do not deserve such importance. An objective newspaper should carry comments of professional economists and their balanced suggestions rather than fear mongering through such blatant propaganda by biased politicians.
We better go for cashldss and card less economy and adopt age old barter system.
sinha ji which governor post is falling vacant next?
Fill up a ship with all anti national people and sink the ship in Arabian sea so rest of Indian can have piece of mind from dis tractors like Yeswant Sinha and more
Never ever seen such a Possessed Father stabbing his son in the back! What has become to this Bihari manic? Does not he have a wife to give him a bit of her mind?
Why do most of the public leaders from Bihar become lunatics and have verbal vomiting issues after they cross 65 of age ? Just critique everything but never present a solution.
This man has crossed the boundaries of being a lunatic, he is a demented lunatic waiting to be interred!
Get some psychiatric help immly..
Why he was mum when UPA under Manmohan delivered 4.5% gdp growth.
A Donkey can learn human manners..but a BHAKT would...NEVER!!!
Instead of talking economics he is talking politics. He is supposed to suggest economic measures but instead he is talking of everything else!
Yes, I agree...!
A case of sour grapes, because YS didn't dn't get to be PM. He should fade gracefully into the background. Stop inviting more anti sentiment towards himself. Examine his age. Enjoy the rest of his years.
This man is out of touch with change in economic patterns of consumers. People now like to hire or share everything, not own it nowadays. That's why some sector's demand is diminishing - cars, apartments and the like.
This grim situation of economy is all that feku meant with Ache din. This is ache din for all the rioters of BJP and RSS. they will use this to spread more chaos, fear and then start killing people who oppose them. It is the DNA of BJP to kill people and stay in power.
Is economic slowdown only inCounty India or entire world is facing? Old people like u r not required to advise, as u do not have clear understanding of the problem.