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Responding to recent reports on India’s economic slowdown, former Prime Minister Manmohan Singh said that the state of economy currently is “deeply worrying”.
In a video statement, posted on the official Twitter handle of Congress, he said that India has the potential to grow at a much faster rate, but all-round “mismanagement” by the Narendra Modi-led government has resulted in a slowdown.
He stated that India cannot afford to continue down this path.
“I urge the government to put aside vendetta politics and reach out to all sane voices and thinking minds to steer our economy out of this man-made crisis,” he said.
Singh attributed the current state of economy to the inefficient implementation of GST and Demonetisation, which were considered as one of the major steps taken by the Modi government during their first term.
He also addressed issues like tax terrorism, job loss and unemployment, farmer crisis and the recent transfer of Rs 1.76 lakh crore from the RBI to the government. “The institutions are under attack and their autonomy is being eroded,” he added.
The Reserve Bank of India (RBI) on Monday, 26 August, decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.
Singh said that the resilience of the reserve bank will be tested after the transfer.
He said in addition the credibility of India’s data has come under question under this government.
The term tax terrorism has grabbed many headlines recently, specially among businessmen. Singh said that it continues to hound small and big businessmen.
He further added that this is not the foundation of economic recovery.
Singh accused the policies of the Modi government for the “massive jobless growth”
He said that rural india is in terrible shape and the farmers are not receiving adequate prices, while the rural income has declined.
“The low inflation rate, that the Modi government likes to showcase, comes at the cost of our farmers,” Singh said.
The former prime minister blamed the budget announcement and recent rollbacks made by Finance Minister Nirmala Sitharaman for shaking the confidence of the international investors.
“Budget announcement and rollbacks have shaken the confidence of international investors,” he said.
He added that India has failed to increase “the exports to take advantage of opportunities that has risen in global trade due to geo political realignment.”
Responding to former prime minister Manmohan Singh’s criticism that the government should consult “sane voices” on Indian economy, Finance Minister Nirmala Sitharaman said that she will “take his statement” on it.
“Is Dr Manmohan Singh saying that 'instead of indulging in political vendetta they should consult sane voices?' Has he said that? All right, thank you, I will take his statement on it. That is my answer.”
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