12 May, 2021

‘This Government Has Quite Clearly Lost The Plot’

The man who has been India’s finance minister twice says it's time for early elections

AFP (From Outlook 02 September 2013)
‘This Government Has Quite Clearly Lost The Plot’

Twice India’s finance minister, first in 1990-91 during the Chandra Shekhar government, then in 1998-2002, under the Vajpayee-led NDA regime, Yashwant Sinha presided over the critical phase of the Indian economy in 1990—just before India went to IMF—and is also credited with India’s current tax structure. His advice to UPA-II in the midst of the current economic crisis is: call for early elections. If that happens, it will prove the other critical point he tries to make in his phone interview with Pragya Singh—that this government has lost all credibility.

Critical as you are of the government’s moves, what would you have done to arrest the slide of the rupee?

What we are witnessing is a crisis of confidence. Confidence does not return in a jiffy. Quite clearly, this government has lost the plot; every measure of theirs has backfired. They have been treating the symptom, not the disease, while markets expect steps to resolve problems. As long ago as...

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