Why is the economy in such poor shape? Yashwant Sinha tells ThePrint's Jyoti Malhotra
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- เผยแพร่เมื่อ 26 ต.ค. 2019
- #ThePrintInterviews #Economy
Yashwant Sinha, former finance minister during the Atal Vajpayee government, sits down with ThePrint's national and strategic affairs editor Jyoti Malhotra to discuss the state of the economy, rural demand as the trigger to the crisis and how Modi govt's protectionist policies are terribly misguided
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The best interview I have seen in recent time.. This man should be in govt...
He was in government, but he became unemployed ( could not retain his employment)..now his talks are like a blind guiding a lame?
Thank you for bringing this interview with Sriman Yashwant Sinha ji. He is a true Indian patriot, genuine intellectual and a dedicated leader who rises above politics in the interest of the nation.
When bhakts grow wiser they become Yashwant Sinha and beat the crap out of BJP.
Aashish Khakha BJP and Namo was glorified by social media and the end will also be through social media
@Bakul Patel we all fucked up by the fucking feku aka useless piece of crap
When I decided to pay off the balance outstanding of a credit card, I was horrified to find that they charged 18% GST on the payment being made to the credit card company. Neither the FM nor CBDT responded to my query on the legitimacy of charging GST on CC payments. Sorry state of affairs.
So I realise now that Yashwant Sinha is right and Modi wrong. Shit has hit the ceiling fan.
if nearly 90% of the economy is composed of informal transactions then your statistics, your gdp estimates, your idea of growth will be totally convoluted and pro-industry. This horrid govt comprising of unqualified and inexperienced people killed the indian growth story and its citizen too.
If any body questions, stop harassing them with stupid comments...
the inefficient government is directionless ,more bothered about petty issues , has ruined the life of the common man.
There's atleast a boost in infrastructure..
@@KneelBeforeBlue Lol.. desperate bhakt..
Poor educational background of PM , make him micromanager which brings destruction.
PRINT has all experts from all quarters. they know everything. jyoti is just one of them.
The most important thing that he mentioned is that they stood up to the RSS when national interest was at play. The present government has no spine to do so, they want to win elections at any cost, even the country. Well done India for electing these spineless fools.
sandeep raghunathan better be strategic as a leader. We remain a diversified country, we should respect our Islamic and Christian as well as other minorities brothers and sisters. We should love our nation’s tri-colored and meaning behind this.
Sir with great respect
Asean free trade agreement what u are promoting urself is running into high deficit year on year .
Even with JAPAN ( they r using us - & we call them our good friends because of bullet train)
The Indian economy will falter further from 2020 as the global cues will hit it. So far it has been the local mess.
Agree recession is coming in USA in 2020
Unfortunately we are not led by a competent Govt to handle the economy and global crises like pandemics and their fall out. It is essential that some economists be consulted as it is a 1 in 100 years sort of situation. It is the time for getting together across party and ideology lines to solve the issues that will come out of this situation
When was his article published?
Why his son is doing garden garden with bip
Anyway we can get the people that matter to hear and consider the views expressed in this interview?
The greatest sector where corruption is rampant is the real estate and the standards on the cost calculation, quality standards and timely implementation have been diluted and unquestioned corruption has taken deep roots. What i fail to understand is that governments behave like Alice in wonderland and don’t questions the price calculation, check the quality standards in house and road construction and do not insist on a penalty for delays. Corruption will always creep in where strictness is compromised.
Shameful ho is BJP TARGETS related to the state of economy???
1. Artificial Intelligence and Robotics are taking away human jobs and the multiplier effect id unemployment is killing economy.
2. Indian education produces only clerks (IITians- glorified clerks)- where is Innovation and Creativity- why is China not facing this issue?
The rest of talk is only a diversion from the core issue. If you have a doubt , check all around you .
Amazing Interview. why the Modi Government have given lakh's of crores to Capitalists , instead of giving them for Development? One thing is for Sure - Privatisation is Healthy only if it is regulated properly. Because Most Private companies only care about profit and dont give a damn about developement. There has to be a "social cause" clause in ever business , because businesses are meant to bring development and growth to the nation, and not run away with lakhs of loans and bad debts.
The irony is that you can argue and debate both ways about the present economic situation in the country. You can't please right left and centre always
Modi now realize if not listening intalectual instead saround by bhand(a person who always tell king how Nobel,brave ,royal king is ) ,modi is errogant .
Now how i was wrong .now I'm regretting to support modi.
Lol. You are a Katua and you never supported Modi. Try TAQQIYA some other place you thug Jiahdi.
@@Garrry abe chutiye tu chutiya hi rahega
@@damau5687 Abey Mulleh, tum sab Jihadi hi rahoge. Duniya main koi kona nahin jahaan tumhaari ghatia kaum shaanti se reh rahi ho. Jaise Islam ki sikhlai, waisi hi ghatia kaum Muslamaanon ki.
@@Garrry abey chutiye, main UP ka brahman hoon. Islam gaya gaand maraane. I voted for modi but now i know that i didn't have an option. Pappu ko to nahi bana sakte hain. We need more ppl like vajpayee, not chutiye like modi n his jhantu blind followers like u. Kuch sharam kar aur india ke baare mein soch, na ki religion ke
U mean The Robeless King's story?
Modi should have hired him as Chief Economic Advisor.
Simply put, an eye opener interview. Thanks "The Print" and Jyoti Malhotra for conducting and driving this interview beautifully. One key point emerges out of this discussion, while knowing demerits of protectionism, why government is taking adverse decisions and why too little is being done to enhance competence of home industry?
Can you please ellobrate about something unit 64 corruption.
dr .swamy has good insight .so better than anybody to talk on state of Indian economy,the remedies too. just a view
Shekhar Gupta sir please make a cut the clutter on Gov of India's decision to allow 28 members of EU parliament to visit Jammu and Kashmir
He should also tell us under what conditions Hindu pundits were forced to leave kashmir.
Conspiracy theory: She was sent by 'some gujaratis' to seek info from ex.fm!!!
😊
😁
good interview. Unfortunately Yashwant Sinha has only 1 trick up his sleave - increase expenditure by govt.
Yashwant Sinha is an intelligent person. He should have been in politics.
When an ex BJP stalwart, FM and IAS officer makes so much sense, paying heed is important
Above all entire current Indian ministries are puppies of INDUSTRIES , Citizens on toes.
Jis ghar mein bujurgon ka aadar nahin hota aur unki salah nahin suni jaati uska dersaver naash hona nishchit hai
Mr Sinha will never tell that before demonetization 86% of nation's currency was having the denomination of either Rs500 & Rs 1000. This was when BPL ( below poverty line) criteria was Rs whosoever earns more than Rs 65/pay is not poor, which means a poor will get to see Rs 500 only after working for 8 days and such currency in circulation was to the tune of 86%
True. Respect 🙏🇮🇳🙏
It need skill to kill a healthy blooming eonomy. Thanks to innovative ideas like Demonization & complex GST which wiped out lower layers of economy.
GST is implemented in 50 odd nations, it was supposed to be implemented in 10 yrs of UPA. It is a skill to almost double the Income Tax payees in 2 yrs (2014-16).
@@bharatsrivastava3964 GDP ko 4 guna toa upa ne kiya thaa . Isane modi ne toa sirf udhyogpatiyo or poonjipatiyo ka kaam kiya hai !
@@RakeshYadav-qs3lr Hum jis mein padhe hain wahaan Moral Studies ek subject hota hai - isliye jhooth poochane se pahale darr lagtaa hai - aap kah rahe ho ki UPA ne 4 guna kar diya yaani 16% GDP growth rate - ?? Isiliye Moral Studies ka subject honaa jaroori hota hai - it doesn't take a minute to spread lies
accha hua Gandhi Ji ke freedom movement ke time par aap nahi the - nahi to aap bhi kahate ki Gandhi Ji poonjipati jaise Jamna Lal Bajaj ke saath freedom movement ko Pakistan ko bech diya
Farm loan waivers and their
impact on the economy- Indians never learn.
As a
banker has rightly commented in the past, “Farm loan waivers are almost like
peer pressure to default.” This is exactly what seems to have happened in the
last 8 years.
However,
quite often farm loan are also used as a pre-election strategy as a populist
measure. In 2008, the UPA government wrote off farm loans worth ~Rs50,000cr and
this was possibly instrumental in the party romping back to power. Recently, we
have seen massive loan waivers offered in states such as Uttar Pradesh,
Telangana, and Karnataka. These waivers were part of pre-poll promises which
the parties were bound to deliver.
In fact,
it is estimated that the total farm loan write-offs by the time of the central
elections in 2019 could actually cross Rs200,000cr. The entire burden will vest
on the state government budgets and not on the banks; therefore, technically,
the balance sheets of banks will not worsen significantly due to this
write-off. The only worry is the impact that it will have on the combined
fiscal deficits of all the state governments put together. For fiscal year
2017-18, the state fiscal deficit is estimated at 2.7% of the GDP, however, if
the full impact of the loan write-offs is factored in, the actual state fiscal deficit
could be closer to 4-5%. This could put pressure on most states’ finances.
What do you think about corporate loan waivers
Farmers loan waivers are nothing compared to what farmers should be paid. China pays 240 Billion $ to its farmers while india takes aways 25$ away from its farmers through failed agriculture policies every year. Billions and Billions has been paid to Industrialist in India and all they did is accumulate wealth and now they has stopped Investments.
Does anyone recall that Mr Sinha was equally vocal when INFLATION was as high as 11.1% in able leadership of Dr MM Singh, which was brought down to 3-4% after demonetization.
@Abhi Kumar That is mere speculation - no data to substantiate - unfortunately Dr MM Singh who was in different capacities associated with Indian Economy since 1975 to 2014 ( Thanks Allah) as Economic Advisor, Governer RBI, FM and then PM till 2014 did little to introduce policy framework - for collecting jobs/joblessness data in informal sector. Unfortunately as on date NSSO/CSO don't count Ola/Uber drivers and Zomato /Swiggy delivery men as employment because App based newer areas are not an employment for them.
Madam allow him to talk.
Agreed 90%...but I dont agree with him on FDI liberisation and we do need to protect some industries like Textile/Jute etc.
The interviewer is not allowing the Former finance minister to put his views. Very wicked
That's her habit. Every interview interrupt the guest .
I did I did I did ... Time and tide wait for none. JS is unable to understand time has changed. Whatever he says he will not be called or consulted with.
Mr Sinha is still hopeful of becoming the FM.
GDP is much less than shown when share market can be manipulated which is visible to all why not GDP which is not apperant,See when GDP is down Why stock market is on all time high?
In economy he would like to promote liberalism but in social perspectives he may choose to promote conservative living....somehow its impractical ...
no doubt, Indian economy is slow down because of slowdown because of the wrong way implementation of the demonetisation, also Yashwant Sinha so frustrated because he did not get any hold at Modi government. very simple.
Although correct on many front but problem with these critics is that they look at India in isolation. The world economy is crashing down. Global recession is on the cards. Even china's recent GDP numbers have been the worst in last 20 years. We are all in it together.
This all will forget by Barbar Masjid case
#sabka saath sabka vinaash
His main problem is he is without power.But he has good friends to embarass govt.But what he did as Minister?
He did a great job as finance minister :telecom revolution,pradhan mantri gram sadak Yojana etc. Many things to count the GDP during him as finance minister was higher than current modi regime go search on the internet..
For that you need to review what he achieved during his reign and some basic economical knowledge..
Rajagopalan Parthasarathy His biggest achievement was making housing affordable for lower and middle class.
It doesnt matter what he did or not..what the current govt is doing is important...economy decceralating in such a fast pace..sad!
It's easy to do a dissection post mortem. It's also easy to say - I said so! What's not easy is to appreciate that discussions and opinions about economy can be very diverse.
There is a lot of sophistry and half truths in these arguments. One has to have extensive awareness of current affairs to debunk them which cannot be done in the comment section.
right person at right place then , right person at wrong place now.
He lost it, now speaking like genius. Who is behind it whether its media or party which lost its credentials.😀😀😀😀
Why did you have negative growth during your watch as FM?? On what moral ground do you advise on economy?
he will advise. It's like while playing chess, third person gives advice and imagines players can attack in this way that way etc
This is the most eneducated govt India has ever had. They are not even ready to admit the mistakes they have committed on economic front like demonitisation. Recent corporate tax benefit to industrialist to check the slowdown in economy is another example. More over they are relying on forged data to cover up their failure.
One has to count the number of experts who have been ignored and shunned them for their sagacious ideas. Emperor has no clothes but people are afraid to point out.
Consider the gradual deterioration of the Indian economy, the slowest growth rate in six years. You won’t find any of the national leaders in the ruling party or their loyal followers taking blame for it. India’s global competitiveness has fallen for the third year in a row. The country has slid 10 places on this year’s global competitiveness index, “an annual assessment of the drivers of productivity and long-term economic growth” released by the Geneva-based World Economic Forum (WEF). India now ranks 68th out of 141 economies.
A widespread myth of the economic miracle of Gujrat if oft repeated and is treated as gospel truth. During 2016-2017, Gujarat ranked above national average with a per capita GDP of ₹126,406. The sobering reality is that there were 13 other states (Goa, Haryana, Karnataka, Maharashtra, Tamil Nadu and Kerala, to name some) had better per capita GDP.
A better indicator of progress would be the Human Development Index. Per State Bank of India data, during the period 1990 and 2017, Haryana, Himachal Pradesh, Tamil Nadu, Karnataka, Punjab, Goa, Kerala, and Andhra Pradesh registered net gains and ranked above Gujrat that finished 14th.
What is needed is a reality check. Sloganeering can go only so far.
Why demonetisation is still blamed for economy slow down? I think that is not real root cause, please think deeper (without political cap).
Everybody's money just moved to their bank accounts, where is the problem? Banks NPAs are another real problem. Huge corruptions at banks.
We are going to demonitatise , all 2000,500, 100, 50 ,20 , and 10 rupees, we are going to give coin only soon , then you what you will do,
All this economic deficit has started with the FOREIGN TOUR EXTRAVAGANZA of our Dear Prime Minister... How much money actually does the PM spend on his Foreign Trips .
This newspaper should explain why Hindus in Bangladesh leave that country. No they will not as they are all secular.
Jo la Raha contract mere hai unka kuch nahi and mera payment sub lake roka Aab Maine shuru Kiya rokna
how exactly demonitization in 2016 has impact of slowdown in 2019 ?
Give your cash to me and you'll know how does your business suffer without cash.
agrarian crisis started well in the beginning but media ignored it..slowly and slowly demand from the bottom side started shrinking due to scarcity of cash. then it reached up to small and medium scale industries.now big corporate is suffering...
but u cant feel it by observing the things...if u compare the sales of goods today with 3-4 years back..the results will be visible..
The biggest black money holder in India today is the BJP, world's richest party in just 5 yrs in power.. Gathering black money in the form of electoral bonds
Demonetization had long term bad effects on the economy. India is a predominantly cash based economy. Removing cash from it is like removing the engine from a car and expecting it to work. In fact the effects of demonetization will still be felt for another 2-3 years.
@@akshitbajaj1364 then how do you explain the uptick in gdp growth rate from April 2017 till June 2018?
Bcos ys is not working he cannot keep quiet
Simply don't advice and criticise man
New National Party should be formed by the
TRIO.
Prashanth Bushan - Arun Shourie - Yeshwant Sinah
Failed FM gives advice to govt, who is doing tremendous reforms.
reforms of economy collapse ?? you dumb
HAL,BEML,BSNL,SAIL,ORDINANCE FACTORY'S, LIQUIDITY OF GOLD BY RBI,PRIVATISATION OF RAILWAYS,BANKING STRIKE, Hunger Index,,,???????????????????God Bless my Country.
JAIHIND
Jai karnataka.
@@akshayganesh4144
Jai
Karnataka
The only Hunger free state of
INDIA.
That's how a learned man sounds..basic and highly effective economics..we r missing such people from this uneducated cabinet
Funny how they say protectionism and then also criticise the government for RCEP abey atleast make your mind before speaking.
he did not criticise RCEP
Total gdp of China’s upto mid seventeens were a bit more than India. China started its reforms started in 1978 as a result china’s total gdp fall below India. But after eight years, China’s gdp started taking long leaps and today India stand no where near China. If Modi is responsible for that. Certainly not but it is due to the finance minister who led this country to mortgage India’s gold in 1990-91. We know it was this man mr. Sinha itself. Later as finance minister in vajpai govt, economy could not grow for more than 2-4%. But then Vajpayee removed him from FM post and economy start growing @ 8.4%. So it is proved that mr Sinha himself was a big failure.
This is a government of Emotional blackmailing. The leaders of this government keep raising emotions in the name of Pakistan , surgical strikes , Intruders, common civil code, govadha and so on , whenever it feels crisis or there are forthcoming elections . As the Ayodhya n RAM Mandir slogan lost its impact on the public, this present rulers are conveniently using Pakistan for the diversion of public eye from the existing burning problems and to win in the polls by raising temperament of the people against Pak. Totally, this is Anti-Pak ( emotional ) government only , not an efficient at all.
Sreeramaprasadrao Pogula They deal in emotions
@@anilmehta6275 yes, absolutely. They are not relying on their ruling capacity, just by provocations they want to rule this country forever.
Sreeramaprasadrao Pogula Unfortunately the illiteracy is being glorified street smartness and wheeling dealing is ok for temporary success but now the organization has become big and the need to go for ideology and principle based governance is utmost required.
They need to bring in professional to execute programs and discourage the Bhaktas to align and stand for petty issues in over enthusiasm
@@anilmehta6275 Yes, the real rulers should opt what you say . But, when you are able to recognize the wrong , then only you can recognize the good also. If you feel** you are the right** you will get blinded. So, now these rulers are in this state of mind. So, untill they were given a jolt by the public, they won't come out of their illusions.
Sreeramaprasadrao Pogula The whole country is under an influence and despite all this visible they don’t want to stop loss and still supporting these half knowledge people.
The country has to pay dearly we are on the way of globalization and liberalism and this is irreversible path
India under British was an economic power house. Every Indian had a jobs. India was booming under the British Empire. Then three fools name Nehru, Gandhi and Jinnah greedy for power decided to kick out the British. Under Mogul India was One nation. Under British no one dare invade India, in fact, India had no enemies for over 200 years when Britain was ruling. The day British vacated on August 15, 1947, next day, war, Jihad was declared by Pakistan. All International companies under British Management took their bag and baggage to China and the Gulf Arab countries to make them Great. What have the Indians under Nehru, Gandhi, BJP, Shiv Sena created? Nothing. China is now economic power house. Arabs are living in luxury. While 60% of Indians are living from hand to mouth, while the government is buying $6 billion rockets from Russia. Ha ha ha ha ha ha.
Sir,.
Tukada gangs economy becoming poor.
Decades organised looters economy?
When was it rich to be poor? Even when you were the finance during BJP period there was a lull in the economy for a period of nearly three years. When anyone talks of economy. it is the market forces that control the economy. No air - conditioned room economist can have a say on that. Only theories can be churned out.
Some protectionism is necessary in present times to prevent dumping by countries like China, USA etc. to protect our MSME' s , SME's, cottage industries,etc.who generates employment opportunities as also demand in the economy . These countries are dumping small value items like toys, garments, fire crackers , kites, threads etc.which is forcing makers of these items in India to close shop throwing lakhs of people out of jobs as they cannot compete with these countries due to the low prices offered for these products by China. So some protectionism is essential to safe guard our interests where employment generation issue is concerned. Can't we make even small value items ourselves. It's a shame & by doing so we are also sending a message of incompetence to outside world.
I did not find his have's to be done for economy of any logic....I guess he could not articulate what was required to his party......or the party didn't want to hear....chicken or egg I guess
Those armchair air conditioned room experts who have contributed nothing to a common men's life (- chidambaram, rajan, amritya sen, abhijeet and now the Print and Sinha), can only talk and criticize. Modi tried many things which benefitted real poor. He needs to be appreciated. Economy is doing good. Market will take care of it.
Tried and failed
Yashwant Sinha makes his points clearly despite the hopeless interviewer.
Make Swami FM. That is the only solution i see to take bold steps
A just critique.
A salty old haggard. Nothing left in him.
Deepak Tiwari he speaks sense. Let’s not disregard his experience summarily. A good government will first pay attention to its bitterest critique. For, it actually benefits the government if even a bit of sense were to prove beneficial
Should read "just a critic"
Rutvik a just critique is a judicious analysts
Yashpal Singh Chauhan Nindak neare rakhiye angagan kuti chabaye 56” is the most unsecured man he is not allowing any body who is better then him in governance
Most of the talent has given up on him gullible people are still with him not as a respected citizen but as slave Bhaktas
The print vale sab dukhi atmaunko bulake interview karate hai...all political parties are here to make money....politics means...to implement your policies you need power..so fight for power..but in reality everybody wants power..but you can’t say this to people..so you say that I have some kind of policy and idealogy. Every Finance Minister of this country thinks that he is the most intelligent man on earth...Sinha is no exception.
Past glory and old ideas cannot save the country any more.
The Print, if y’all send someone to interview the Former Finance Minister, send someone who can ask the right and most relevant questions, not someone who is making the Guest repeat his comments so that she can take notes. ffs!!!
Why is this man - Yashwant Sinha relevant to our current situation? When he had the opportunity he did not deliver so why should we listen to him?
Ambani got loan for business purposes frm nationalised banks and celebrated world's highest costly wedding for his own daughter ...so much money has been consuming in private parties extravagantly ...no job is been created either by government sect or private sect.....now run a babycry for low gdp growth ....who is to blame..i guess pt. Nehru ...
I am sure Jyoti is a congress mole recipient of largesses during congress era. We are happy to be rid of corrupt congress.Listening but not accepting that economy is down we are ready to go further down and again rise up. Such videos do not bother BJP Govt. they do what they have to.
what u did Mr sinha?
distorted voice!
Easy to give opinions when sidelined. What did u do when u were the fm?
Instead of Jaitley, Puyish or Nirmala, Yashwant Sinha would have been a MORE experienced matured FM for Modi. Why Modi did not get his Advice & Service? Bc Modi is a very petty cheap politician. Himself he does not know how to understand the intricacies of Macroeconomics & Finance. Now India is slipping into very poor growth story or into Recession. Already Youth Unemployment is increasing every day. This means Street Violence will go up and standard of living for everyone will plummet.... Modi must take all the blame with his 56" chest! Lol...
This guy is feeling left out and does NOT understand the new world paradigms. . Sad! Blind advising One Eyed...
sahi bol rha hai buddha
demonetisation is not a silly step. it was a good try. but they faced failures. but what is your contribution? what did u achieve?
The economy is in poor shape because BJP knows that to win in elections in India all they have to do is Hindu / Muslim and everything else can go to HELl.
Grapes are sour for u mr Sinha.You have destroyed the prospects of Jayant sinha
Should just ignore him. He is digging his own grave. Golden rule never go against your family for your own personal gains
This BJP ruin the economy and to worst situation
What is his personal Gain?
I will go against my family if they are harming my country. My country is more important than my family. I guess you need to learn some nationalism
Western countries are growing at around one percent.
Mr yashwant ehy dont u request Gandhi’s to return d billions of stolen money sitting f in foreign accounts also their netas perhaps dat could b d cue to stimulate d economy stop decrying our pm d nation loves him and d economy will bounce bak d five largest economies r experiencing d same thing and u not hearing it d way Indians r carrying on about it on d media go and do some yoga and meditation U will get an epiphany how to fix it and save your political hiatus
Now enjoy , Drink tea and eat pakoda . 🤣
But , Sinha is wrong on ASEAN Free trade agreements which has lead India into more trade deficit .