On Sunday, 1st Sep 2019, a video by former PM of India, Dr. Manmohan Singh got viral, in which he slammed Modi govt. on declined GDP growth & confronted center government on the 6 years low GDP growth i.e 5%.
He held Narendra Modi govt. responsible for "all-round mismanagement" which results in an ongoing economic crisis in India. He further added:
"State of the economy today is deeply worrying. Last quarter GDP growth rate of 5% signals that we are in the middle of the prolonged slowdown. India has the potential to grow at a much faster rate."
He also addressed Demonetisation & implementation of GST by the Modi govt. as a man-made blunder & said that we have not yet recovered from these blunders.
Singh said that, "there is a gaping hole in tax revenues” and that “tax buoyancy remains elusive” as businessmen, small and big, “are hounded and tax terrorism continues unabated and investor sentiments are in the doldrums”. He went on to say, “These are not the foundations for economic recovery.”
Further commenting on government's policies, he said, "these policies are resulting in massive jobless 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.”
Singh further talked about the current RBI-Government scenario & said that "the resilience of the RBI will be tested after its record transfer of Rs 1.76 lakh crore to the government,” he said. He also said the government “claims that it does not have a plan on what it will do with this windfall.”
India is also not able to take advantage of the global trade tensions arose between the United States & China, he said.
At last, he said that "The credibility of India’s data has come under question under this government. Budget announcements and rollbacks have shaken the confidence of global 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.”
Watch Complete Video:
He held Narendra Modi govt. responsible for "all-round mismanagement" which results in an ongoing economic crisis in India. He further added:
"State of the economy today is deeply worrying. Last quarter GDP growth rate of 5% signals that we are in the middle of the prolonged slowdown. India has the potential to grow at a much faster rate."
He also addressed Demonetisation & implementation of GST by the Modi govt. as a man-made blunder & said that we have not yet recovered from these blunders.
Singh said that, "there is a gaping hole in tax revenues” and that “tax buoyancy remains elusive” as businessmen, small and big, “are hounded and tax terrorism continues unabated and investor sentiments are in the doldrums”. He went on to say, “These are not the foundations for economic recovery.”
Further commenting on government's policies, he said, "these policies are resulting in massive jobless 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.”
Singh further talked about the current RBI-Government scenario & said that "the resilience of the RBI will be tested after its record transfer of Rs 1.76 lakh crore to the government,” he said. He also said the government “claims that it does not have a plan on what it will do with this windfall.”
India is also not able to take advantage of the global trade tensions arose between the United States & China, he said.
At last, he said that "The credibility of India’s data has come under question under this government. Budget announcements and rollbacks have shaken the confidence of global 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.”
Watch Complete Video:
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