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Demonetisation Followed By GST Were Like Two Diseases Hitting Economy in Quick Succession, Says Yashwant Sinha

Former finance minister Yashwant Sinha said his sentiment was shared by a large number of leaders within the BJP but people were not speaking up out of fear.

Amit Pandey, Tushar Dhara

Updated:September 27, 2017, 1:42 PM IST
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Demonetisation Followed By GST Were Like Two Diseases Hitting Economy in Quick Succession, Says Yashwant Sinha
File photo of former finance minister Yashwant Sinha.
New Delhi: Yashwant Sinha, former finance minister in Atal Bihari Vajpayee government, has said that for Indian economy the shock of demonetisation and GST in quick succession was like two diseases hitting a person one after the other.

"Demonetisation and right after that GST were like two diseases hitting the economy in quick succession," Sinha said in an exclusive conversation with News18. "The state of the economy is not good," the veteran BJP leader added.

Sinha said his sentiment was shared by a large number of leaders within the BJP but people were not speaking up out of fear.

"It is extremely hard in the remaining 18 months of Modi government to get the economy back on track and for some concrete effect to be seen," Sinha told News18.

Earlier, Sinha, in a column for Indian Express newspaper, wrote that economy has been on a downward spiral. He painted a grim picture of economy and wrote that Modi government's statistical changes in calculating GDP have inflated the figures by over 200 basis points, or 2 percentage points, annually. This, he wrote, meant that the current 5.7% growth is actually somewhere around 3.7% only.

Sinha wrote that private investment had shrunk like never before, industrial production had all but collapsed, agriculture was in distress and the rest of the service sector was also in the slow lane. Exports had dwindled and most sectors of the economy were in distress. Demonetisation had proven to be an unmitigated economic disaster and a badly conceived GST played a havoc with businesses.
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