Yashwant Sinha

It’s about politics, the reform agenda, how we can implement it and a vision for the future.

Your tenure as FM had more than its fair share of controversies.

I could have taken them in my stride but I still haven’t developed the thick skin of a politician.

What were the major challenges you faced?

The balance of payments crisis during the Chandra Shekhar regime was the most challenging situation.

That’s when you introduced the gold mortgage scheme.

I have been blamed for it but the situation was very difficult and the country’s "izzat" was more important than the gold.

What kind of political pressures did your economic decisions face?

There was pressure from Sangh parivar outfits and allies; also problems from party members.

Your book says the framework of today’s robust growth was laid by your government.

I strongly believe that, and I’m not indulging in self-aggrandisement.

Do you agree with the present government’s inflation control methods?

We reduced interest rates with control over inflation, leading to high growth. Now we are reversing that and I feel concerned.

What are the other areas of concern?

The rising trade deficit also worries me.

How did you tide over the scams in your time, specially the UTI scams?

In the first crisis in 1998, we had time to find a solution. In the second, UTI said things were fine. So I personally felt cheated.

The tax treaty with Mauritius was also an issue.
It was signed by Indira Gandhi and the route was opened by Manmohan Singh. I had a suspicion that it was a conspiracy.

Read the full interview here.