New Delhi: Discussing financial issues ahead of the 2019 elections, ETV Bharat spoke to renowned economist Prem Shankar Jha. Jha in his opinion was critical of the Modi government's economic policies for not creating enough jobs for the youth of this country.
Prem Shankar Jha, Economist "I want to ask the Modi government where are the job creation promises in their tenure? Over 11 million people have lost their jobs and 1 million medium and small enterprises have been forced to shutdown. The number with micros being shut down are a lot more. These people are having such high interest rates with no demand and hence ruining in the economy. It only goes on to show that Modi government does not understand economics".
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Describing the problems further, Professor Jha explained that the construction sector which was the biggest employment generator after agriculture had been virtually shut down due to demonetisation and even in agriculture sector the migrant labours have been affected very badly due to the decision.
On the decision of the Modi government to give RS 6,000 aid to the farmers who hold under two hectares of land, he echoed opposition's view that it is only a lollipop, " the farmers to whom it is going to be given have an average earning of rupees 19,00,000 per annum and this Rupees 6,000 is only 6% of it. What they actually need is to grow high quality products for which they need high quality of fertilizers and infrastructure and for which the Modi government hasn't made any loan available".
Jha called demonetisation has the most disastrous decision of this Modi Government and emphasize on the fact that even today 90% of our economy is still running in cash, " there is nothing wrong with the cash economy it's just that unaccounted income needs to be taken hold off but the demonetisation has failed to do that".
