Modi govt responsible for bad situation of economy: Manmohan Singh
New Delhi: On the economic front, the Modi government is the target of the opposition. Former Prime Minister and economist Manmohan Singh has come out expressing concern after India’s GDP fell during the global sluggishness and has advised the current government on the issue of the economy. On the sharp decline in GDP, former Prime Minister Manmohan Singh expressed concern over the economy and advised the Modi government on the issue of the economy. He has said that ‘the state of the economy is very worrying today. India has the potential to grow at a very fast pace, but mismanagement by the Modi government is the result of this recession. Manmohan Singh said that the growth rate of 5% indicates that we are in a period of prolonged sluggishness.
Singh, a former RBI governor, said that it is particularly disturbing that the growth rate of the manufacturing sector is 0.6%. This makes it clear that our economy is yet to overcome the demonetization of man-made problems and the hastily implemented GST.
Manmohan Singh said, I appeal to the government to renounce the politics of vengeance and listen to the voice of Sudhi people to take out the economy from the man-made crisis. He said that as a result of the policies of the Modi government, there is a large scale employment less development. The Indian economy has the potential to grow rapidly, but due to mismanagement of the Modi government, we are going through a period of an economic slowdown.
Singh said that India cannot walk this path for a long time, therefore, I urge the government to get our economy out of this man-made crisis instead of doing politics and reaching all voices and thinking. He said that as a result of the policies of the Modi government, there is a large scale employmentless development. The Indian economy has the potential to grow rapidly, but due to mismanagement of the Modi government, we are going through a period of the economic slowdown.
The country’s economic growth rate fell to five percent in the April-June quarter of 2019-20. This is the lowest level in the past seven years. The decline in the manufacturing sector and the sluggishness of agricultural production have led to this decline in GDP growth.