Poor management led to cash crunch in the country: BJP leader Yashwant Sinha

作者:Ann 時間:2018-04-22 14:37:05 標籤: 分類:

Commenting on the recent unavailability of cash across India, Yashwant Sinha, senior BJP leader, said the main reason for the crunch was poor distribution and poor currency management.

In an interview with CNBC-TV18, Sinha said there was no back-up plan for this emergency and the information tumbling out everyday indicates that the crisis is widespread and the magnitude is huge. 「Taking into account the total currency in circulation, this is complete mismanagement on part of the Reserve Bank of India (RBI).」

When asked about the government’s claim regarding 『unusual』 spike in currency demand, Sinha said media reports suggest that Rs 2,000 notes have not been supplied to currency chests, which in turn has increased pressure on Rs 500 and Rs 200 notes. 「Are the government and RBI together trying to squeeze the money supply, without taking into account seasonal demand? They have failed to plan for all this.」

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He added that the supply has been disturbed and the demand has not been taken care of, which has resulted in this crisis.

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Talking about the open letter that Sinha had penned to the BJP leaders, asking them to speak up, he said nobody has reached out to him so far.

「I felt that all was not well. Therefore, the MPs needed to speak out, like five Scheduled Caste MPs have in the past few weeks. This will lead to improvement in the party. If they remain afraid, then prospects of the party will be damaged in the forthcoming elections.」

Sinha defended his claims about India’s economy not being at its best currently, saying data collection by the government in the country is still very imperfect. He also said the quarterly figures leave out the unorganized sector completely and a major portion of the organized sector as well.

「We are aware of the disruptions caused by policies like demonetisation and GST, especially for unorganized sector, but we have not brought them into account. The data we get is coming from small, limited numbers.」

He pointed out that the investment rate has declined in the last four years from 34 per cent of the GDP to 30 per cent, and many experts have pointed out that a country cannot sustain a growth rate of 7 per cent at this number.

Sinha is expected to host a meeting on April 21 in Patna, which a lot of leaders from the opposition will attend. He declined to comment on whether this meeting indicates danger for his relations with the BJP.


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