Structural reforms must for New India: Jayant Sinha after father attacks Govt

New Delhi: Jayant Sinha, Minister of State for Civil Aviation and son of senior BJP leader Yashwant Sinha, on Thursday came to the defence of the Centre after his father slammed the Government over India’s “sinking economy”.

He defended the Centre's claim that the Indian economy is the fastest growing in the world and that the country's credibility has been established in the international arena.

Former Finance Minister Yashwant Sinha on Wednesday launched a scathing attack on the BJP-led Central Government's economic policy.

Sinha, a former finance minister during the Vajpayee-government, hogged the limelight and started trending on social media, on Wednesday morning, after he criticised his own government for a sinking economy, in an article he penned for The Indian Express.

Also read: Economy sinking: Ex-FM Yashwant Sinha slams BJP; will Govt admit truth, asks Cong

The former minister of state for finance, Jayant Sinha, in an editorial in Times of India said, "These structural reforms are not just desirable, they are necessary to create a ‘New India’ and provide good jobs for our billion-strong workforce. 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".

Lauding Modi's recent decisions, Jayant Sinha said that GST, demonetisation and digital payments were game-changing efforts to formalise India’s economy.

Also read: Indian economy fastest growing: BJP downplays Yashwant Sinha's remark

A streamlined, rules based FDI regime is inspiring confidence: FDI has accelerated from $36 billion in FY2014 to $60 billion in FY2017. Dismantling of Foreign Investment Promotion Board (FIPB) will make the economy even more open, he wrote.

"The Jan Dhan-Aadhaar-Mobile (JAM) trinity is powering Direct Benefit Transfer (DBT) and dramatically reducing leakages. Rs 1.75 lakh crore of benefits have been transferred directly to beneficiaries over the last three years. JAM is weeding out many ghost and fake beneficiaries and cutting out middlemen," he added.

Jayant concluded saying "We are creating a robust new economy that will power long-term growth and job creation for ‘New India’".

Earlier on Wednesday, senior Congress leader and former finance minister P Chidambaram lauded Yashwant Sinha for the strongly-worded article.

Also read: Chidambaram lauds Sinha for talking 'truth to power', says govt 'looting' people

Congress Vice President Rahul Gandhi also took a jibe at Modi government's economic policy, and shared on Twitter, Sinha's opinion piece.

(With agency inputs)