State of economy ‘deeply worrying’, all-round mismanagement by Modi govt: Manmohan Singh
At 5%, India’s GDP growth fell to a 6-year low in June quarter.
Former Prime Minister and economist Dr Manmohan Singh expressed his concern over the current state of Indian economy. Singh in a video message on Sunday said that the current state of economy is ‘deeply worrying’ and that Modi government’s all-round mismanagement? has resulted in this slowdown.
Here’s what the former prime minister said:
The state of the economy today is deeply worrying. The last quarters 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 slow down.
It is particularly distressing that the manufacturing sectors growth is tottering at 0.6%. This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST.
Domestic demand is depressed and consumption growth is at an 18-month low. Nominal GDP growth is at a 15 year low. There is 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.
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The Modi government’s policies are resulting in massive job-less growth. 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.
Rural India is in terrible shape. Farmers are not receiving adequate prices and rural incomes have declined. 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 per cent of India’s population.
Institutions are under attack and their autonomy is being eroded. The resilience of the RBI will be tested after its record transfer of Rs. 1.76 lakh crores to the government, which claims that it does not have a plan on what it will do with this windfall.
In addition, the credibility of India’s data has come under question under this government. Budget announcements and rollbacks have shaken the confidence of international investors. India has not 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.
Our youth, farmers and farm workers, entrepreneurs and the marginalised sections deserve better. India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis.
49-yr-old man dies while playing badminton in Nagpur
A 49-year-old man in Nagpur died while playing badminton in Pachpaoli area on Monday morning at around 6:45 am. The deceased, identified as Gunnu Dharma Lohara, was a resident of Yadav Nagar who was playing badminton with his friend.
He was rushed to Central Railway Hospital in an unconscious state and was declared dead by the doctors there.
Glimpse of beautification work ahead of G20 Summit in Nagpur…
The beautification work of Nagpur ahead of the G20 Summit in the city on March 20 and 21 has been afoot. Take a closer look at the same above…
G20 Summit is the premier forum for international economic cooperation that plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. India holds the Presidency of the G20 from 1 December 2022 to 30 November 2023.
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Nagpur declared ‘no drone zone’ on March 20, 21
Ahead of G20 meet in Nagpur, Assistant Commissioner of Police Ashwati Dorje, on Wednesday, said the city has been declared ‘No Drone Zone’ on March 20, 21. The development came in as a security measure for the large number of foreign delegates that will be in the city for the summit.
Any aerial objects including use of parachutes have also been banned.
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