“All-round mismanagement” by Modi govt resulted in economic slowdown: Manmohan Singh

Former prime minister of India Manmohan Singh, on Sunday, slammed the Indian government under the leadership of Narendra Modi blaming its policies for the economic slowdown in the country.

“The state of economy today is deeply worrying. The last quarter’s GDP growth rate of 5% signals that were in midst of a prolonged slowdown. India has potential to grow at a much faster rate but all round mismanagement by Modi government has resulted in this slowdown,” said Manmohan Singh.

Commenting on the economic conditions of India the former prime minister said, “It is particularly distressing that the manufacturing sector’s growth is tottering at 0.6%. This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetization and a hastily implemented GST.”

While penalizing the government, Singh said the country’s youth, farmers, entrepreneurs and the marginalized sections deserve better than what they are getting.

“Farmers are not receiving adequate prices and rural incomes have declined. The low inflation rate that the Modi government likes to showcase comes at the cost of our farmers and their incomes, by inflicting misery on over 50% of India’s population,” said Singh.

Blaming the Modi government, the former premier said that more than 350,000 jobs have been lost in the automobile industry alone. Moreover, similar job losses at a large scale have been recorded in the informal sector.

Lastly, Dr. Manmohan Singh also accused the latter of attacking the autonomy of institutions by citing Reserve Bank of India’s (RBI’s) transfer of ₹1.76 trillion (USD 24.5 billion approx) to the government.

 

1 Comment
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