Politics

Manmohan Singh Slams Modi Govt For Slowing Economy And 5% GDP

Written By Suchitra Karthikeyan | Mumbai | Published:

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  • Former PM Manmohan Singh said "all-round mismanagement" by the Modi govt has resulted in this slowdown
  • He said the last quarter GDP growth rate of 5 per cent signals that "we are in midst of a prolonged slowdown"
  • Singh said it is particularly distressing that the manufacturing sector's growth is tottering at 0.6 per cent

Former Prime Minister Manmohan Singh on Sunday said the state of the economy was "deeply worrying" and that "all-round mismanagement" by the Modi government has resulted in this slowdown. In a statement, he said the last quarter GDP growth rate of 5 per cent signals that "we are in midst of a prolonged slowdown".The Congress leader said India has the potential to grow at a much faster rate. Singh said it is particularly the manufacturing sector's state was distressing. The sector's growth, tottering at 0.6 per cent was worrisome, said former PM.

"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," he said. "This makes it very clear that our economy has not yet recovered from the man-made blunders of demonetisation and a hastily implemented GST," he said adding, "Investor sentiments are in doldrums. These are not the foundations for economic recovery."

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Congress mocks 'Fit India' Movement

Earlier Congress had undermined the 'Fit India' movement which was launched on Thursday by PM Modi by launching a Twitter campaign - 'Unfit govt, unfit economy'.  In a series of tweets posted by the Party's official campaign, Congress mocks at the Indian economy's current state. Giving PM Modi's 'Yoga video' aimed at spreading health awareness, an ugly twist, Congress has tweeted 'The rupee has become weak, look at Saheb's magic. Saheb is on top while the rupee is low, it is in bad condition.' The Prime Minister launched the nation-wide 'Fit India' movement on National Sports Day - 29 August, as announced on his Mann Ki Baat programme to spread awareness on fitness and staying healthy.

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Congress taunts RBI surplus transfer

Congress also taunted the RBI's recent surplus transfer of Rs.  1.76 Lakh Crores to the Centre. In a picture tweeted by Congress shows the RBI's tiger in its prime titled - 'Before Modi'. While the picture on the right shows a skeletal tiger reduced to bones titled - 'After Modi'. The party has alleged that the government has looted RBI demanding the Centre to reveal its expenditure plan.

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Congress mocks Economy

It has also taken a dig at the Economy while the government recently announced a slew of measures aimed at tackling the slow growth. In a 4-min video, Congress alleges that the meaning of economy has changed as the rupee has become poor. It further goes on to say that all businesses have closed, which is all part of Modi's magic. They also allege that as India's GDP growth for FY20 has been revised to 6.7%, it will continue to do so.


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(With PTI inputs)

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