Manmohan blames ‘politics of vendetta’ for India’s economic slowdown – Newspaper

NEW DELHI: Former Indian Prime Minister Manmohan Singh urged the Modi government on Sunday to reject his revenge policy, which he blamed as a factor in India's worrying economic outlook.

In a recorded message to Prime Minister Narenda Modi, she said that the 5 percent growth in India's Gross Domestic Product (GDP) signaled a prolonged slowdown.

“Our young people, farmers and farm workers, entrepreneurs and marginalized sections deserve better. India cannot afford to continue on this path. Therefore, I urge the government to put aside the revenge policy and get in touch with all the sensible voices and thinking minds to get our economy out of this man-made crisis. "

Dr. Singh said the state of the economy was "deeply worrisome" and that growth near zero percent of the manufacturing sector showed that it had not fully recovered from "errors of demonetization and a hasty GST."

"The 5 percent GDP growth rate of the last quarter indicates that we are in the midst of a prolonged slowdown. India has the potential to grow at a much faster rate, but general mismanagement by the Modi government has resulted in this slowdown, ”he said.

"It is particularly worrying that the growth of the manufacturing sector is staggering at 0.6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5}."

Projecting a bleak picture of the economy: depressed demand and consumption, lower tax revenues, job losses in the formal and informal sector, negative investor sentiment and fiscal terrorism, Dr. Singh also attacked the government led by Modi for eroding the autonomy of independent institutions. and credibility of government data.

On the Modi government taking 1.76 lakh crore from the reserves of the Reserve Bank of India (RBI), Dr. Singh, who was former governor of the RBI, said the resistance of the RBI will be tested after this transfer record to the government.

"In addition, the credibility of India's data has been questioned by this government. Budget announcements and reversals have shaken the confidence of international investors. India has not been able to increase its exports to take advantage of the opportunities that have emerged in trade. worldwide due to geopolitical readjustments. Such is the state of economic management under the Modi government, ”he said.

Dr. Singh also said that the low inflation figures "shown" by the Modi government have come at the expense of farmers.

“Rural India is in a terrible way. Farmers are not receiving adequate prices and rural incomes have declined. The low inflation rate that the Modi government likes to show has a cost to our farmers and their income, by inflicting misery on more than 50{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} of the population of India, "he said.

“Modi's government policies are resulting in massive growth of unemployed. In the automobile sector alone, more than 3.5 lakh jobs have been lost. Similarly, there will be large-scale job losses in the informal sector, harming our most vulnerable workers, ”he added.

Dr. Singh's scathing attack comes after the country reported a slow GDP growth rate of 5 percent for the first quarter of this fiscal year, with a sharp slowdown in manufacturing production and moderate activity in the agricultural sector .

Posted on Dawn, September 2, 2019



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