Sitharaman’s hubby flays govt’s fiscal outlook

BJP should adopt Rao-Singh model, which paved the way for liberalisation of the economy, instead of critiquing the Nehruvian socialism: Prabhakar

New Delhi: Economist Parakala Prabhakar, also Finance Minister Nirmala Sitharaman’s husband, has expressed concern over economic slowdown and said the Narendra Modi-led government has not shown willingness to frame its new policies.

In a column for The Hindu, Parakala Prabhakar said BJP should adopt Rao-Singh economic model, which paved way for liberalisation of the economy, instead of “critiquing the Nehruvian socialism”.

Accusing the government of being in denial mode, Sitharaman’s husband Prabhakar wrote, “While the government is still in denial mode, data flowing uninterruptedly into the public domain show that sector after sector is staring at a seriously challenging situation.”

Hitting out at the Centre, Parakala Prabhakar blamed BJP’s inexplicable reluctance as the reason behind the issue.
“The rejection of Nehruvian ‘socialistic pattern of society’ was clear since the days of the Bharatiya Jana Sangh. The BJP’s advocacy of what can, at best, be loosely termed as a capitalist, free market framework remained untested in practice…In economic policy, the party mainly adopted ‘Neti Neti (Not this, Not this’), without articulating what was its own ‘Niti (policy)’, Parakala Prabhakar wrote.

He also noted that economic road map was not a part of the re-election bid of the BJP. “Issues that catapulted BJP on to the centre stage of country’s political discourse and then to the seats of power in Centre and in various States had little to do with articulation of an economic road map and its endorsement by electorate,” he wrote.

A political assault: Saying the BJP was “unwilling to take its eye off the Nehruvian policy framework ball, which it continues to critique”, Parakala Prabhakar said, “The party think tank fails to realise that the attack remains more a political assault and can never graduate to an economic critique.”