New Delhi: Former Prime Minister Manmohan Singh on Sunday lambasted Narendra Modi-led government for the ongoing economic crisis in the country, claiming that ‘India’s economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST’. Furthermore, Singh held the “all-round mismanagement” by the Modi government responsible for the slowdown.
“The state of the economy today is deeply worrying. Last quarter’s GDP growth rate of 5% signals that were in midst of a prolonged slowdown. India has the potential to grow at a much faster rate but all-round mismanagement by Modi govt has resulted in this slowdown,” said the former Prime Minister in a video statement, days after the Central Statistics Office (CSO) showed that India’s economy expanded at its slowest pace in over six years.
He urged the government to put aside vendetta politics as ‘India cannot afford to continue down this path’. “It is particularly distressing that the manufacturing sector’s 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 hastily implemented GST,” he stated.
“India cannot afford to continue down this path. Therefore, I urge the govt 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,” he added.
Earlier on Saturday, Congress leader Priyanka Gandhi alleged that BJP government which trumpets “Ache Din” has deflated the economy. “The GDP growth rate clearly depicts that the BJP government which trumpets good days has deflated the economy. Neither GDP growth is there nor does the currency strength exist. Jobs are missing. Now make it clear who is responsible for ruining the economy? #EconomicSlowdown #EconomyCrisis,” she had tweeted.
The economic growth slowed to a seven-year low of 5 per cent in April to June quarter from 8 per cent a year ago, government data showed on Friday. The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output said the Ministry of Statistics and Programme Implementation in a statement.
The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.