Former Union Minister Yaswant Sinha In His Book Claims Demonetisation Is the Biggest Banking Scam

by Abbas Adil

Former finance minister Yashwant Sinha claims in his new book that GDP numbers are misleading, RBI’s autonomy is in extreme danger and demonetisation is the biggest banking scam,

Sinha who quit the BJP in April also says that Prime Minister Narendra Modi’s idea of self-employment is a “distraction from the more serious issue of unemployment and underemployment”.

“He could have fixed the UPA’s legacy issues and fundamentally raised India from a poor country to a middle-income country, but he squandered the chance,” Sinha says, adding his book demonstrates how “Modi unmade India”.

Though the book “India Unmade: How the Modi Government Broke the Economy” is a critique of the NDA government’s economic management, Sinha says he has not always been a critic of Modi.

“Nor do I have a personal vendetta against him for not appointing me minister or giving me some other post, as some people incorrectly speculate… In fact, the truth is that I recognised his mettle early on and was one of the first senior Bharatiya Janata Party (BJP) leaders to say he should be made the party’s prime ministerial candidate in the 2014 elections,” he claims.

He has been severely critical of Modi on demonetisation, jobs, GDP figures and Make in India among others policies and programmes.

He terms GDP figures as way below India’s potential. “But then India is the only country in the world that grows at 7.35 per cent, without investment, without industrial growth, without agricultural growth. Just like magic,” he writes in a sarcastic vein.

The GST concept, he says, is good because it is simple and will lead to lower prices because there won’t be any tax on tax; there’ll be tax set-offs at every stage; and it will widen the tax net for transactions.

The book, published by Juggernaut, is co-authored by journalist Aditya Sinha.

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