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Home / News / India News / Manmohan Singh blames Modi's 'all-round mismanagement' for economic slowdown
India

Manmohan Singh blames Modi's 'all-round mismanagement' for economic slowdown

Manmohan Singh blames Modi's 'all-round mismanagement' for economic slowdown
Written by Siddhant Pandey
Sep 01, 2019, 02:06 pm 3 min read
Manmohan Singh blames Modi's 'all-round mismanagement' for economic slowdown

Former Prime Minister Dr. Manmohan Singh hit out at the Narendra Modi government on Sunday amid the ongoing economic slowdown. As the last quarter's GDP growth rate slipped to 5%, the lowest in over six years, Singh blamed "all-round mismanagement" by the BJP-led government. Singh, who served as the Finance Minister in the PV Narasimha Rao Cabinet, warned that the situation is "deeply worrying".

Economy
Last quarter's GDP rate signals prolonged slowdown: Singh

In a video statement, Singh said, "The last quarter's GDP growth rate of 5% signals that we are in the midst of a prolonged slowdown. India has the potential to grow at a much faster rate but all-round mismanagement by the Modi government has resulted in this slowdown," He went on to describe the manufacturing sector's 0.6% growth as "particularly distressing."

Quote
Singh said India's economy hasn't recovered from demonetization, GST

Calling demonetization and a "hastily-implemented" GST "man-made blunders," Singh added that there is a depression in domestic demand and consumption growth hit an 18-month low. He said, "There's a gaping hole in tax revenues. Tax buoyancy remains elusive as businessmen, small and big, are hounded and tax terrorism continues unabated. Investor sentiments are in doldrums. These are not the foundations for economic recovery."

Jobs
'Over 3.5 lakh jobs have been lost in automobile sector'

Singh further stated that the Modi government's policies have led to "massive job-less growth." He said, "More than 3.5 lakh jobs have been lost in the automobile sector alone. There will similarly be large scale job losses in the informal sector, hurting our most vulnerable workers." Singh then addressed rural India's "terrible shape" where farmers aren't receiving adequate prices and rural incomes have declined.

Quote
India's low inflation rate hurting farmers' incomes, says Singh

Singh said, "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. Institutions are under attack and their autonomy is being eroded."

Quote
Singh claimed credibility of India's data become questionable under Modi

Singh said, "The resilience of the RBI will be tested after its record transfer of Rs. 1.76 lakh crore to the government, which claims that it doesn't have a plan on what it will do with this windfall." Adding that the credibility of India's data has become questionable in Modi's reign, he said, "Budget announcements and rollbacks have shaken the confidence of international investors."

Other remarks
Stop vendetta politics; reach out to all sane voices: Singh

The former PM went on to say, "India hasn't been able to increase its exports to take advantage of opportunities that have arisen in global trade due to geopolitical realignments. Such is the state of economic management under the Modi government." He then advised the government to ditch "vendetta politics" and "reach out to all sane voices and thinking minds" to help the economy.

Twitter Post
Watch Dr. Manmohan Singh's complete statement here

Our economy has not recovered from the man made blunders of demonetisation a hastily implemented GST... I urge the govt to put aside vendetta politics reach out to all sane voices to steer our economy out of this crisis: Former PM Dr Manmohan Singh #DrSinghOnEconomicCrisis pic.twitter.com/83cBJWHay9

— Congress (@INCIndia) September 1, 2019
Economic slowdown
Over past week, government announced measures to tackle economic slowdown

Meanwhile, on Friday, Government data revealed that India's GDP rate dipped to 5% in the April-June quarter. On August 23, Finance Minister Nirmala Sitharaman announced measures to tackle the economic slowdown. The announcement came less than two months after the FM presented her Union Budget. In another announcement on August 30, Sitharaman announced the merger of 10 major public sector banks into four entities.

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Siddhant Pandey
Siddhant Pandey
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Siddhant Pandey covers national and health news at NewsBytes. He has over five years of experience working as a multimedia journalist covering hard news in New Delhi. He was previously employed with The Indian Express and News World India and has juggled roles as a correspondent, copy editor, and video producer. He holds a Bachelor’s degree in Biotechnology from the Jaypee Institute of Information Technology, Noida.
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