The veteran BJP leader also questioned Nirmala Sitharaman's claim of the surge in app-based taxi being the reason behind the automobile sector plunge
Yashwant Sinha
Also Read: Nirmala Sitharaman: Rs 60,000 crores boost to exports, housing
"The economies of UAE (United Arab Emirates) and India are different. India's economy will progress only when farmers in areas like Mandsaur in Madhya Pradesh progress," he said. "We should have grown at a rate of at least eight percent. But in the first quarter of the financial year, the GDP growth has come down to five percent," he said. He claimed that the missing three percent growth meant loss of Rs 6 lakh crore in just one quarter.
When asked about the government's plan to merge certain public sector banks, he was of the opinion that he is not opposing the decision. “But it will not reduce their non-performing assets automatically as the process may harm the banks as their officials will get tied up in completing merger formalities instead of focusing on actual banking,” Sinha said.
With inputs from PTI
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