ECONOMY

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STATE OF THE ECONOMY
Slowdown 'man-made crisis': Manmohan Singh hits out at Modi govt
01.09.19 - Team PT
Slowdown 'man-made crisis': Manmohan Singh hits out at Modi govt



Former Prime Minister Manmohan Singh on Sunday, in a statement in a video, said the state of the economy today was "deeply worrying”.

He said the "all-round mismanagement” by the Modi government "resulted in this slow down”, adding that last quarter’s GDP growth rate of 5% signaled that the economy was in the midst of a prolonged slowdown.

"It is particularly distressing that the manufacturing sector’s growth is tottering at 0.6%,” he said, adding, "This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST.”

Mr. Singh also said that the Modi government’s policies were 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,” he said in his statement.
 
"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,” he said.
 
The former prime minister alleged that institutions are under attack and their autonomy is being eroded.

On the government taking Rs 1.76 lakh crore from the RBI reserves, Singh said the resilience of the RBI will be tested after this record transfer to the government.

This, he said, "claims that it does not have a plan on what it will do with this windfall”.

Here is the full text of former PM Manmohan Singh’s statement

The state of the economy today is deeply worrying. The last quarter’s 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 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 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.

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.
 

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