Former PM Manmohan Singh Urges Govt Not to Play ‘Vendetta Politics’ and Steer Economy out of ‘Man-made Crisis’
New Delhi, September 1, 2019:
Manmohan Singh, former Indian Prime Minister and the ‘father of the modern Indian economy’ broke his silence on the state-of-affairs of the current Indian economy.
Taking a dig at the Narendra Modi-led Government’s economic practices, he said that the state of the economy is deeply “worrying”, and added that the last quarter’s fall in GDP growth rate signals that “we are in the midst of a prolonged slowdown.”
Saying that the country cannot continue down this path, he urged the Modi Government not to play “vendetta politics” and steer the economy out of this man-made crisis.
Manmohan Singh blames the “all around mismanagement” of the Modi Government for the slowdown. He further lamented that the manufacturing sector’s growth is tottering at 0.6%.
Adding that the nation is yet to recover from the “man-made blunder of demonetisation and a hastily-implemented GST.”
There is a a gaping hole in tax revenue, tax buoyancy remains elusive and businessmen — small and big — are hounded, and tax terrorism continues unabated, he said.
“These are not the foundations for economic recovery”, he cautioned.
More than 3.5 lakh jobs have been lost in the automobile sector alone, he said, adding that a large number of jobs have been lost in the informal sector.
Singh further added that the low inflation rate comes at the cost of the farmers and their income by inflicting “misery” on over 50% of India’s institutions.
The resilience of the Reserve Bank will be tested after its transfer to the Modi Government, he further added.
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