Yashwant Sinha rained down on Modi government; Said, ‘This is shocking …’

New Delhi Former Finance Minister Yashwant Sinha has said that the huge expenditure on welfare schemes by the Narendra Modi government at the Center is having a detrimental effect on the financial position and the fiscal deficit has reached a high level. No one is worried about the government’s financial situation, it is shocking, not even the government, said Trinamool Congress senior vice-president Yashwant Sinha.

The Modi government is spending heavily on free food and other welfare schemes. The government coffers are in shambles. The fiscal deficit is high, claimed Yashwant Sinha. The country’s fiscal deficit is projected to be 6.9 per cent of GDP in the current financial year 2021-22. Earlier, it was estimated at 6.8 per cent. Sinha made a serious allegation that the government’s economic policies are decided on the basis of winning elections.

‘Some benefit from corporate sector’

On the one hand, the ‘welfare’ of the poor is on, while on the other, select corporates are making huge profits. “No one in the country is worried about this,” Sinha said. There is a clear imbalance between strong fiscal policies and strong economic policies. “This is the reality of the day,” Sinha said.

He said the Indian economy would have to face the challenges of inflation and inflation. Asia’s third-largest economy is expected to grow at 8.9 percent this fiscal. The economy needs investment from the government as well as the private sector, said Sinha, one of Modi’s critics. It does not seem to be happening. Government investment is not growing. Private investment is also weak. Investment is weak due to rising interest rates. He further said that without investment, the Indian economy would not be able to grow.

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Our economy is heavily dependent on crude oil imports. In such a scenario, inflation will affect the economy, Sinha said, referring to the impact of the Russia-Ukraine war on the Indian economy.

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