“This clearly shows that our economy has not yet recovered from the demonetization and hastily implemented GST,” Manmohan Singh said.
New Delhi| The slumping economy is a result of “mismanagement” by the Modi government, said former Prime Minister Dr. Manmohan Singh. In a scathing remark over the continuous fall in the GDP figures, he said that it is the sign of deep recession. He said that India has the possibility of rapid growth, but due to mismanagement of Modi government, there has been a slowdown.
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He said that it is disturbing that the growth rate in the manufacturing sector is staggering at 0.6 per cent. “This clearly shows that our economy has not yet recovered from the demonetization and hastily implemented GST,” Manmohan Singh said. Manmohan Singh further said that India cannot withstand this continuous recession. He advised the Modi government to put aside its “political revenge agenda” and “talk to the sensible people” to show a new path to our economy which is trapped in the crisis.
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
Significantly, the GDP rate in the first quarter of this year has been reduced to 5 per cent and it is believed that the country is going towards a big recession. Although the government claims that many measures have been taken by the administration, these are being described as inadequate.
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At the same time, Finance Minister Nirmala Sitharaman said that the main reason for the decline in GDP is a global recession. However, she asserted that our growth rate is better than in many countries.
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