Dr. Manmohan Singh has been the Finance Minister, RBI Governor and two times Prime Minister of India. He has also been the Deputy Chairman of the Planning Commission. He has had a direct relationship with India’s economic decisions for the last 30-35 years. From the economic liberalization in 1991 to the economic recession in the whole world in 2008, India was saved by him. But now the condition of the economy in India is continuously deteriorating. And Manmohan Singh has directly blamed the policies of Prime Minister Narendra Modi for 5% GDP and economic crisis in India.
Dr. Manmohan Singh said on economic crisis in India
The condition of the economy is in a state of worrying. GDP has grown at a rate of only five percent in the last quarter. This indicates that we are in a long recessionary journey. India has the potential to grow much faster, but due to all-round mismanagement of Modi government, there has been a slowdown in the economy. The worrying thing is that the growth rate of the manufacturing sector is only 0.6 percent. This shows that our economy has not yet recovered from the wrong decisions of demonetization and the loss of hastily implemented GST.
Manmohan Singh blamed PM Modi for lowest GDP rate in 2019 of the last 7 years.
There is a considerable decline in domestic demand. The rate of utilization of goods is at its lowest level in 18 months. The nominal GDP growth rate is at the lowest level of 15 years. Tax revenue has come down. The growth of tax in comparison to GDP is hypothetical. Because all small and big businessmen are being forced. Tax is a fear of terrorism. There is a sense of sadness among investors. These are not the basis of improvement in the economy.
Manmohan Singh also spoke on the jobs crisis in Modi government.
Due to the policies of the Modi government, a large number of jobs have ended. In the automobile sector alone, three and a half lakh people have been fired. Similarly, jobs in the unorganized sector will end on a large scale. Due to which the weak workers will have to wash their hands with a livelihood.
How 5% GDP rate is affecting farmers Manmohan Singh blamed Modi Government
The condition of rural India is also critical as farmers are not getting a fair price for their crops. The income of the villages is falling. The low inflation rate, which the Modi government likes to demonstrate, has been achieved by reducing the income of our farmers. This has hurt more than 50 percent of the country’s population.
The former Prime Minister said that the institutions are under attack. And their autonomy is being eroded. After giving one lakh seventy-six thousand crore rupees to the government, there will be a test of RBI’s ability to bear the economic mismanagement. While the government is saying that there is no plan to use this huge amount.
During the tenure of this government, the credibility of India’s data has also been questioned. Budget announcements and rollbacks have shaken the confidence of international investors. India has not been able to increase its exports by taking advantage of the opportunities generated in global trade due to Geo-political alliances. During the tenure of the Modi government, there has been a bad situation of economic management.
Manmohan said while giving the advice to quit the politics of revenge and improve the economy. He said
Our youth, farmers and farm laborers, entrepreneurs and poor class deserve better status than this. India cannot stay in this situation for long. That is why I urge the government to leave the politics of revenge. And by taking the cooperation of all intellectuals and thinkers, we get our economy out of this man-made crisis.
And when Manmohan Singh directly besieged PM Modi for such condition of the economy. Finance Minister Nirmala Sitharaman had to come forward to answer. In response to a question asked on the statement of former PM Manmohan Singh, Finance Minister Nirmala Sitharaman said,
‘Is Dr. Manmohan Singh saying that instead of indulging in the spirit of political vendetta, one should find a way out by talking to sensible people? Have they said that? Ok thanks, I will listen to them on this. This is my answer.
Will Prime Minister Modi and his cabinet pay attention to the talk of the former Prime Minister and even a big economist. Will PM Modi implement the way Manmohan Singh has suggested. Whatever the future maybe, but the condition of the moment is that the country’s economy is at the lowest level of the last seven years.