Calling him a prime minister who “couldn’t control inflation” and “brought India to a fragile five economy”, Finance Minister Nirmala Sitharaman hit back at Dr Manmohan Singh over his statements regarding the Narendra Modi-led government’s economic and foreign policies.
“A prime minister who is most remembered for having brought India to a fragile five economy, India which is remembered for that notorious status, a prime minister who could not control inflation for 22 consecutive months, a prime minister who saw capitals fly away from this country — how is it that this (former) Prime Minister today, all of a sudden, remembered about Indian economy? Is it only for Punjab elections?” Sitharaman asked.
Singh, via a video message on Thursday, said the BJP government did not understand economics. “Because of their incorrect economic policies, unemployment is at its peak, and farmers, entrepreneurs, women, and students are all facing problems,” he had said.
Sitharaman, while talking to the media, said she did not expect such an attack from “a learned prime minister”.
“He also made comments about inclusiveness. Why did he not raise his voice when vaccines were being sold for the sake of profits in Punjab? Dr Manmohan Singh, I have great regards for you, but I did not expect this. Can electoral consideration make a learned former prime minister of this country talk ill of India, despite it being the fastest growing economy post pandemic?” the finance minister asked.
Drawing a comparison between India’s economies now and seven years ago, Sitharaman pointed out that the country’s GDP at market prices stands at Rs 232 lakh crore, as compared to Rs 110 lakh crore 7-8 years ago, Foreign Exchange Reserve is at $630 billion as against $275 billion 7 years ago, and average inflation in 2013-14 was 9.5 per cent, while it is 5.23 per cent now.
The Finance Minister also pointed out that the National Stock Exchange scam happened during UPA’s era. “The NSE scam itself is enough to assess your government. You could not do anything,” she said.
Securities and Exchange Board of India (Sebi) has penalised the NSE, its former chief executives Chitra Ramkrishna and Ravi Narain, and two others for allegedly violating securities contract rules related to the appointment of Anand Subramanian as group operating officer and adviser to the managing director.
“All the appointments that are under question were made during UPA’s time,” the minister said.
Sitharaman also countered the Oxfam India Inequality Kills report saying the methodology and criteria used by them were flawed. “The report in question is based on flawed metrics. One of them is to measure wealth using Asset Liability data. A decline in wealth happens when liabilities or debts increase,” she said.
“When a poor household is able to go to a bank and borrow, thanks to financial inclusion courtesy the Jan Dhan Yojana, it is able to increase consumption. This improves the living standards of their family. It allows them to borrow for education and grow their business, increasing their capacity to earn more and consume more. That’s why, looking just at liabilities is a flawed methodology and does not measure the actual impact of these so-called ‘liabilities’ on welfare and wealth,” the Minister explained.